Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. But that did not happen, as the affordability issues that remain on the horizon challenged mainly first-time homebuyers.  

Overall, mortgage applications declined 4.1% last week on a seasonally adjusted basis, down from one week earlier, according to the Mortgage Bankers Association (MBA). The survey, conducted weekly since 1990, covers over 75% of all U.S. retail residential mortgage applications. 

But the decline in demand for mortgage loans was details ⇒

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