Mortgage Applications Increase as Rates Tread Near 5%
Demand for mortgage loans and refinancing surged last week, spurred by a drop in mortgage rates, an industry survey said. Purchases also saw the largest weekly gain since early April.
The Mortgage Bankers Association (MBA) said interest rates for a 30-year loan moved down 13 basis points to 5.02% in the week ending September 2, causing demand for total new loan applications to hit their highest level since late May.
The Market Composite Index â€
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