General World News

Mortgage demand ticks up on the strength of purchase applications

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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