Mortgage application volume has fallen to its lowest level in 28 years, as mortgage rates ticked up again in response to new signs that remains stubbornly persistent.For the week that ended February 24, the average contract rate on a 30-year fixed mortgage increased to 6.71%, from 6.62% the prior week, the Mortgage Bankers Association (MBA) said on Wednesday. It marked the third weekly increase in mortgage rates after several weeks of declines, as rates climbed back toward the 20-year high reached last fall.
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