Despite historically low home mortgage loan interest rates, mortgage applications fell 5.1% last week according to the Mortgage Bankers Association. The refinance index fell 7% from one week earlier, but is still 84% higher than the same time last year. This week marked 11 straight weeks of year-over-year refinance activity growth. Mortgage refinance levels will continue to be high as people seek to lower their monthly mortgage payments in this uncertain time.
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