More bad news for housing bulls.
Demand for purchase loans, a tentative early indicator of home sales, edged higher, but activity was down from a year earlier, further evidence that the housing market has hit a lull after showing signs of a recovery late last year.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended March 19, decreased 4.2 per cent.
The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 1.9 per cent.
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