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Refinance Applications Near 18-Year Low

Mortgage rates surged significantly during the week ended May 18, sending mortgage activity skidding for the fifth straight week.  The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage loan application volume, dropped by 2.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis there was a 3 percent decline.

The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week but remained  3 percent higher than the same week in 2017.

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