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Mortgage demand picks up in U.S. after 3 straight weeks of declines

A 6% jump in refinancing applications was the result of the 30-year fixed rate falling for the third straight week to 3.11% -- the lowest since early May, analysts said. File Photo by Alexis C. Glenn/UPI
A 6% jump in refinancing applications was the result of the 30-year fixed rate falling for the third straight week to 3.11% -- the lowest since early May, analysts said. File Photo by Alexis C. Glenn/UPI | License Photo

June 16 (UPI) -- Mortgage demand in the United States is again running higher after three straight weeks of declines, and lower interest rates, analysts said Wednesday.

The Mortgage Bankers Association said in its weekly report that mortgage applications increased by 4.2% last week. Applications to refinance rose 6%.

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"Mortgage applications bounced back after three weeks of declines," MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a statement.

"The jump in refinances was the result of the 30-year fixed rate falling for the third straight week to 3.11% -- the lowest since early May."

Applications for new homes also rose 2% last week, but remain down 17% compared to June 2020.

The MBA survey covers over 75% of all U.S. retail residential mortgage applications.

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