Demand for purchase mortgages bounces back from 19-year low

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Demand for purchase mortgages bounced back last week after hitting a 19-year low the week before, the Mortgage Bankers Association reported.

Applications for purchase loans increased a seasonally adjusted 9 percent for the week ending Feb. 28 compared to a week earlier, but were down 19 percent from a year ago, according to the MBA’s latest Weekly Mortgage Applications Survey.

The increase in demand came as the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less fell to 4.47 percent, down from 4.53 percent a week earlier, the MBA said. Source: mbaa.org.