Market Update: mortgage applications relatively flat, purchases see slight gain

Mortgage applications remained nearly flat last week slipping 0.2 percent, however purchase application increased 1.5 percent. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Purchase applications experienced a slight gain last week and it will be interesting to see if weather related issues impact applications and home sales in the short run. What’s clear is that interest rates have fallen steadily since the beginning of the year opening up an opportunity for mortgage rates that we haven’t seen since November of last year.”

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