The housing and mortgage markets were hit with yet another blast of ugly news Wednesday morning with new home sales falling 12.4% in July and the Mortgage Bankers Association (MBA)reporting that purchase money loans now account for just 17.6% of all new loan applications.

The only good news for lenders is that the yield on the 10-year Treasury fell to a new 52-week low, which means mortgage rates likely will fall even further. 

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