Mortgage demand picked up last week as lower interest rates steered homebuyers back into the market, but activity remains weaker than a year ago because of limited inventory.

Mortgage applications increased by 3.7% during the week ending Feb. 2 on a seasonally adjusted basis, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.

“​​Rates at these levels have not prompted much of a reaction in the refinance market, as most homeowners have mortgages with much lower rates,” Joel Kan, MBA’s vice president and deputy chief economist, said in details ⇒

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