The Fed is expected to show confidence that low inflation and rising risks from abroad have yet to derail the U.S. economic recovery.
Total volume dropped 3.2 percent for the week ending January 23 on a seasonally adjusted basis, according to the Mortgage Bankers Association.
The Fed faces a tough decision on whether or not to raise rates because of several factors, one analyst says.
American companies are suffering, according to the New York Times.
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