Mortgage Demand Slips in August as Higher Rates Cool U.S. Home Purchases

Mortgage application activity edged lower last week as borrowing costs rose to their highest level in three weeks, adding fresh pressure to a housing market already struggling with subdued purchase demand and limited refinancing incentives. The Mortgage Bankers Association's seasonally adjusted Market Composite Index, which tracks U.S. mortgage-loan application volume, fell 1.0% in the week ended August...

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