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As a result, the overall measure of mortgage applications, which includes refinancing activity, slid 6% to its weakest reading since 1996. Higher mortgage rates and elevated home prices, due in part to limited supply, is contributing to one of the most unaffordable housing markets on record.
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The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
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