Yahoo! News - Mortgage Applications Rise Last Week: "NEW YORK (Reuters) - New applications for U.S. home mortgages increased last week, as purchase activity rose amid lower mortgage rates, an industry group said on Wednesday.

Treasury yields, which lenders use to set mortgage rates, dropped sharply last Friday after a softer-than-expected November payrolls report sent prices higher.

Despite the drop in yields, the report showed both declining refinance activity and a decrease of refinancing activity as a percentage of overall mortgage applications."

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Yeah no kidding! Who stole all the refi's?!