【CNBC】A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived

• Total mortgage application volume surged nearly 16% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.02% last week from 7.07%.
• Applications to refinance a home loan jumped 28% last week, compared with the previous week.

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