Mortgage Demand Rises for 5th Week as Rates Dip, But Housing Market Still Faces Headwinds
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Mortgage demand increased for the 5th straight week as rates fell to lowest since August
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Refinance applications saw strongest week in 2 months amid declines in rates
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Purchase applications rose 35% week-over-week but remain 17% below 2021 levels
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Home inventory stays very low, down 45% from pre-pandemic levels
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Fed rate hikes have cooled housing market, but more hikes could be on horizon