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MBA Purchase Mortgage Applications Back At Lows Since 1995

US DATA
  • MBA composite mortgage applications fell -2.9% (purchases -2%, refis -5%) in the week to Sep 1 as it reversed a +2.3% lift the prior week.
  • It came despite the 30Y conforming mortgage rate pulling back 10bps to 7.21% after two weeks at joint highs since Dec 2000, although the rate is still more than 1pp higher than a year ago.
  • The decline in purchase applications took the level back to that from Aug 18 for the lowest since 1995.

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