Mortgage applications increased 3.9% on a seasonally adjusted basis during the week ending July 12, due mainly to borrowers taking advantage of a decline in rates to refinance their home loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). 

“Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Federal Reserve rate cuts later this year pulled them lower,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.  

On the inflation front, the latest Consumer Price Index details ⇒

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