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Mortgage market shows promising gains in second quarter
Mortgage market shows promising gains in second quarter

The mortgage market, beaten down by higher interest rates and weak home sales, is showing signs of perking up. After hitting a 14-year low in the first three months of this year, second-quarter home lending was much stronger than analysts expected, Inside Mortgage Finance reported Thursday. The trade publication estimated that lenders funded about $310 billion in mortgages across the nation in April, May and June, up 32% from the first quarter. The increase took place as the business changed from mainly refinancings to mostly loans for home purchases. That purchase market has been constrained in California by fewer homes for sale and prices that rose sharply in recent years as...

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