Mortgage demand receded for the third consecutive week despite slightly lower mortgage rates. Mortgage applications decreased by 0.6% on a seasonally adjusted basis during the week ending March 29, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. 

“Mortgage rates moved lower last week, but that did little to ignite overall mortgage application activity,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. “Elevated mortgage rates continued to weigh down on home buying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the details ⇒

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