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Interest rates have slipped a bit of late helping the Mortgage Bankers Association or MBA activity index to a .8% advance last week with refi’s up 6.8% while purchase apps slipped 5.2%. The 30-year contract rate for a conforming loan dipped to 4.27% a 6-week low.

The Fed Beige Book on regional economic activity indicated more of the same muddle along economic conditions in most regions. It noted that non-auto sales increased but like Target’s mea culpa this morning holiday sales were disappointing.

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