Market Update: Mortgage applications fall despite rise in purchase demand

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey reported that mortgage applications applications fell 4 percent last week, while purchase applications rose 1.4 percent. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Purchase demand is growing regardless of lower housing inventory, creating fierce competition among the most sought after properties. I expect purchases to continue to heat up along with the weather as we move into the spring home buying season.”

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