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Interest rates are incredibly low right now and this growth in applications comes from refinances - not new purchases. Competition is stiff and prices are higher right now for purchases. It will be interesting to see how it plays out over next few months!
"Homebuyers are out in force this spring but are being met by higher prices and steeper competition. Homebuilders are less confident about current sales than they were last month, even though they are reporting higher buyer traffic, according to a separate survey released Monday by the National Association of Home Builders"
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