Mortgage loan application volumes across the U.S. inched up 0.2 percent over the past week on a seasonally adjusted basis having dropped 6.9 percent the week before, with a 2 percent increase in purchase mortgage activity in the absolute, according to the Mortgage Bankers Association.

That being said, purchase mortgage activity remains down 10 percent on a year-over-year basis with the average 30-year rate hovering around 3 percent and expectations for a rate hike having been moved up. 

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