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flag U.S. mortgage applications drop for third straight week, reflecting challenges in high-rate environment.

flag Mortgage applications in the US have fallen for the third week in a row, decreasing by 3.9% despite a slight drop in mortgage rates. flag Refinance activity dropped 4%, but remains 42% higher than last year. flag Purchase applications fell 4% week-over-week but were up 18% compared to the same period last year. flag The 30-year fixed-rate mortgage rate is holding steady at 6.92%. flag The decline continues amid high interest rates, making the mortgage market challenging.

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