Mortgage applications rose 7.4% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.18%
Mortgage rates dropped for the fifth week in a row, boosting demand for mortgages by 7.4% in the latest week.
Demand for both purchases and refinancing rose. That pushed the market composite index up, a measure of mortgage application volume, the Mortgage Bankers Association said on Wednesday. The big picture: Mortgage rates have fallen point by point in the last few weeks. That’s giving buyers the impression that the housing market is no longer in a recession.
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