Mortgage rates are stubbornly remaining below 3 percent

“Mortgage applications rebounded after three consecutive weeks of declines,” said Bob Broeksmit, MBA president and CEO. “Borrowers acted on another decrease in mortgage rates, with refinance and purchase applications both posting solid gains. Home buyer demand continues to be strongest at the entry-level portion of the market, and those prospective buyers were active last week despite very low inventory levels. Government purchase applications — VA, FHA, and USDA loans — jumped nearly 5 percent.”