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Morning Mortgage Meltdown: Demand Lowers as Rates Rise

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What's with all the mortgage hoopla? Nobody wants 'em, anyway. Overstatement, yes— application rates have dipped to to their second-lowest in the past year, however, with activity falling 7.8 percent in the week ended May 16; the he index touched its 2008 low in the week of April 25, when it hit 567. Folks are doing away with the refinancing, too: those apps declined 8.7 percent last week. [USA Today]