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Mortgage rates have stayed near their lowest levels in three years, yet borrowers remain cautious. Recent data from the Mortgage Bankers Association (MBA) reveals an 8.5% drop in mortgage applications during the week ending January 23, 2026. This decline includes a 16% fall in refinance requests and a slight decrease in purchase applications. While this might seem like a setback, the full picture shows a more nuanced story about borrower behavior and market conditions. Mortga