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Uptick in adjustable-rate mortgage demand helps push overall loan applications up slightly: MBA

As the 30-year, fixed-rate mortgage hit 7.67% for the week ending Oct. 6, mortgage applications remained near historic lows. However, an uptick in adjustable-rate mortgage (ARM) applications edged total applications up slightly.

Mortgage applications picked up 0.6% for the week ending Oct. 6, compared to the week prior, according to weekly mortgage application data from the Mortgage Bankers Association (MBA).

“Application activity remains depressed and close to multi-decade lows, with purchase applications still almost 20% behind last year’s pace,” Joel Kan, MBA’s vice president and deputy chief economist, said in details ⇒

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