US mortgage applications drop 2%, with both refinance and purchase requests declining despite stable rates.

Mortgage applications in the US fell by 2% in the week ending January 24, with both refinance and purchase applications dropping. Despite a stable 30-year fixed-rate mortgage rate at 7.02%, refinance applications declined by 7%, while purchase applications decreased by 0.4%. The Mortgage Bankers Association expects purchase activity to improve if mortgage rates stabilize and home inventory increases.

2 months ago
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