U.S. applications rebound as loan rates ebb

U.S. mortgage applications rose for the first time in seven weeks as 30-year home borrowing costs retreated further from near seven-year peaks seen last month, the Mortgage Bankers Association said Wednesday. The Washington-based group’s seasonally adjusted gauge on overall home loan applications rose 4.1 percent to 370.8 in the week ended June 1. The index was at 356.1 the prior week, which was the lowest reading since the week of Jan. 1, 2016.

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Source: Reuters