Lower mortgage rates brought homebuyers back into the market.
That helped lift demand for mortgage applications by 8.5%, according to the weekly survey from the Mortgage Banker's Association."Mortgage rates dropped for the first time in 12 weeks, as thespurred an investor flight to quality, which pushed U.S. Treasury yields lower," said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
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