Mortgage loan application volume dropped another 6.5 percent last week on a seasonally/holiday adjusted basis and 17 percent in the absolute, with a 6 percent adjusted drop in applications to refinance and a 7 percent drop in purchase mortgage activity, according to data from the Mortgage Bankers Association’s.

And with the drop in activity last week, mortgage loan application volume in the U.S. was at its lowest level in 22 years and purchase mortgage activity was down 21 percent on a year-over-year basis.

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