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Mortgage applications have fallen for a second consecutive week as homebuyers’ fears of a potential recession continue to grow. 

For the week ending July 1, the Mortgage Bankers Association reported a 5.4% decrease in mortgage applications from the previous week. The results include a holiday adjustment to account for early closings the Friday before Independence Day. 

Refinance applications fell 8% from the previous week and were 78% lower than the same week one year ago. The refinance share of mortgage activity decreased to 29.6% of total applications from 30.3% the previous week. Home purchase applications fell by 4% for the week and are 17% lower than the same week a year ago.