Mortgage applications are down 23% from a year ago. What does that mean?

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Mortgage applications are down 23% from a year ago. What does that mean? Climbing mortgage rates have been dampening the red-hot pandemic housing market for a few months now. Sellers are slashing prices while buyers are sitting on the sidelines, home sales are falling through, contingencies are back, and bidding wars have become more of an exception than the rule.   The most recent evidence of...

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