Refinance applications hit lowest level of 2013

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Applications for refinance loans saw their biggest weekly decrease of the year, plummeting 12 percent for the week ending May 24 compared to a week earlier, the Mortgage Bankers Association (MBA) reported

That pushed down overall applications for mortgages by a seasonally adjusted 8.8 percent, even as applications for purchase loans increased by a seasonally adjusted 3 percent. Source: MBA