In the latest industry news, there has been a slight decrease in purchase application volume as well as a notable drop in refinance applications. This shift in application trends reflects the current state of the mortgage market.

Key Points:
– Purchase application volume saw a 1% decline
– Refinance applications experienced a more significant 6% decrease
– These changes indicate a potential shift in market demand and borrower preferences
– Industry experts are closely monitoring these trends to understand their implications for the mortgage industry

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