Purchase mortgage application volume in the U.S. ticked back down 2 over the past week, both in the absolute on a seasonally adjusted basis, and was down 14 percent on a year-over-year basis, based on application data from the Mortgage Bankers Association and despite the average rate for a benchmark 30-year mortgage having moderated and the average rate for a 30-year jumbo having inched down to 7.08 percent.

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