Having dropped 6 percent the week prior, the number of applications to secure a purchase mortgage loan for an existing home in the U.S., which hit a 28-year low last month, inched up 1 percent over the past week and was only down 19 percent on a year-over-year basis, based on application data from the Mortgage Bankers Association.

That being said, the 19 percent year-over-year drop was on top of a 39 percent drop from 2021 to 2022.

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