The number of mortgage loan applicants in the U.S. rises after mortgage rates declined

The Mortgage Bankers Association (MBA) reported that mortgage loan applicants rose 1.2% last week after mortgage rates fell.

Refinance loan applicants rose 5% last week, but are down 86% year over year.

Home equity loan applicants fell 1% last week and were 44% lower than the same period last year.

The average interest rate on 30-year fixed-rate mortgages with conforming loan balances of $647,200 or less fell to 6.42% from 6.58% the previous week.

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