Interest rates for U.S. mortgages dropped to their lowest level in over a year last week, CNBC.com reports, but it wasn’t enough to push sales to potential homebuyers.
The Mortgage Bankers Association reported that total mortgage application volume rose just 0.2 percent last week from the previous week on a seasonally adjusted basis. Meanwhile, applications to refinance loans rose one percent on the same week, while applications to purchase a home fell two percent and are down nearly 12 percent year-over-year.
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