Mortgage demand rises 7% as rates fall for the third week in a row

The numbers: As mortgage rates fall, homeowners are seizing the opportunity to refinance their mortgages. Mortgage demand rose seasonally adjusted 7% in the latest week.

The... The numbers: As mortgage rates fall, homeowners are seizing the opportunity to refinance their mortgages. Mortgage demand rose seasonally adjusted 7% in the latest week. The market index rose to 255.3 for the week ending Jan. 20, up 7% from a week earlier. A year ago, the index stood at 551.7.The purchase index — which measures mortgage applications for the purchase of a home — rose by 3.4% from last week.

Yet the housing market is still in a slump, as the number of homes for sale on the market remains low. Affordability is still an issue since home prices are still high.

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