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Mortgage Applications (Feb.)

The mortgage market came off the boil in February, with home purchase applications recording their largest month-on-month decline since the height of the pandemic last April. A rise in mortgage interest rates to an eight-month high is partly to blame, but demand is also faltering in the face of record low inventory and a surge in house prices. With rates set to rise further over the year, home purchase demand will continue to fall back toward its pre-COVID level.

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