U.S. mortgage rates fell to a fresh all-time low last week, an industry lobby group said Wednesday, but refinancing activity slumped, and purchases fell, amid a backlog of applications and record-high housing prices. 

The MBA’s refinancing index fell 6.5% to 3,346.9 points, but still remains 52% higher than last year. while mortgage applications fell 4.7% for the week ending September 25. The seasonally-adjusted Purchase Index, which tracks mortgage applications for the purchase of a single family home, fell 1.9% to 320.9 points. 

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