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Mortgage Demand Is Down 23% from a Year Ago: MBA

According to the Mortgage Brokers Association’s seasonally adjusted index, mortgage loan applications fell 23% year-over-year for the week ending September 2. So reports USA Today.

MBASpecifically, refinancing applications were down 83% from the same period a year earlier and down 1% week from the prior week, per the MBA.

But despite rising interest rates, all signs were not gloomy for mortgage lenders. MBA economist Mike Fratantoni said in a statement that “the robust job market and an increase in housing inventories should lead to an eventual increase in purchase activity.”

Read the full article from USA Today.

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