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Home Purchase Apps Drop to Near 30-Year-Low

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

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Home Builder Confidence Wanes in August

After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.

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