Despite a slight uptick in mortgage applications this week, the mortgage industry is struggling on a larger scale compared to this time last year. According to data collected by the Mortgage Bankers Association (MBA), last week’s mortgage applications rose by only 0.5%. This upturn came following a 4% decline in prior weeks.

The data suggests that demand for mortgages to purchase a home is substantially decreased in the current market compared to the same time period in the previous year. Applications for mortgages to purchase a home dropped 32% from last year, while refinance applications climbed 4%.

The key takeaways from this week’s data on mortgage applications are as follows:

• Demand for mortgages to purchase a home dropped 32% from last year’s figures
• Applications for mortgages overall increased slightly (0.5%) from the previous week
• Refinance applications increased 4% from the previous year

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