Mortgage applications in the US increased for the first time in 5 weeks, although they remain at low levels.
Home purchase mortgage applications rose 2% from the previous week, while refinance mortgage applications increased 3%.
Mortgage interest rates remain low, with the average rate for a 30-year fixed-rate mortgage falling to 3.17% from 3.21% the previous week.
Despite the increase in mortgage applications, the overall level remains low compared to historical norms. This is attributed to the ongoing effects of the Covid-19 pandemic, including high unemployment and uncertainty about the future.
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