The weekly MBA mortgage application survey showed another drop this week with a 2.3% decrease overall, but purchase applications rose 5.8% while refinance applications dropped 6.5%. Quicken Loans vice president Bill Banfield offers the following comments on the report.

“Mortgage interest rates did a 180 last week with rates falling steadily through Friday. The improvements drove activity late in the week but the strong ending wasn’t enough for applications to increase week over week.”

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