Mortgage refinances further despite first rate drop-Rebranded

• For the first time this year, mortgage rates dropped, but not enough to spur refinances — which took a sharp dive.
• Total mortgage application volume fell 1.1 percent last week from the previous week, according to the Mortgage Bankers Association.
• Refinances were behind the fall entirely. Volume fell 5 percent for the week and was nearly 19 percent lower than a year ago.

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