Mortgage applications reached their lowest level yet this year, as borrowers stayed away from the both purchases and refinancing activity amid relatively steady mortgage rates. According to a widely-watched survey released Wednesday morning by the Mortgage Bankers Association, the group’s Market Composite Index fell 11.1 percent to 567.0 for the week ended April 25. Total applications were 14.2 percent below last year’s levels, the MBA said. The application index is calibrated to March 16, 199

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