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On Thursday morning, the Mortgage Bankers Association (MBA) reported mortgage application volumes for the week ending April 12th. Refinancing volumes dropped over 8% after an 11.4% WoW drop last week. Refinancing is still running at a strong pace (roughly twice the pace where they finished last year), but the more economically relevant result was the strong purchase application data. Applications for purchase are a leading indicator of home sales, so the new cycle high in purchase application volumes posted this week is a good sign that the housing market remains in a much better position