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· The hope has been that the recent drop in mortgage rates would encourage buyers to step up to the plate. And mortgage applications have risen this year, according to the Mortgage Bankers Association, showing that lower mortgage rates encouraged some fence-sitters to apply for a mortgage to purchase a home.
However the sales decline in the last quarter of 2015/16 was the smallest for the year at 1.1 per cent and Mr Banducci said the first eight weeks of the new financial year recorded a slight.
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