Market update: mortgage applications increase 1.4 percent

The weekly MBA mortgage application survey reported a 1.4 percent increase in mortgage applications for purchases and refinances. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Purchase applications never quite reached the aspirations of many housing bulls this summer. These numbers continue to disappoint, given that rates have improved recently and continue to hold a firm grip near historic lows.”

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