"It was not more than a couple of months ago that the Mortgage Bankers Association reported a stark increase in loan applications, which were primarily fueled by some of the lowest mortgage rates of the year and renewed interest in mortgage loan refinances. In August, refinance applications increased by 17 percent. This increase rippled into an overall boost in mortgage applications by 13 percent. According to the latest press release from the MBA, however, overall mortgage applications have dropped by nearly 1 percent due to a decrease in mortgage refinances by 1.4 percent."

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