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Mortgage Watch

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Maybe mortgage applications are like people--they get nostalgic, too. That's the theory behind why mortgage applications are down by 7.2%, the lowest level since December 2000. August is the eight consecutive month of year-over-year declines in closed sales in the area. Borrowing money is cheap, with Freddie Mac 30-year fixed rate mortgages at the lowest level of the year at 4.10%, so what's going on? Did everyone just decide they like where they live, and no one's going anywhere? [WSJ]