"Conventional and VA purchase applications drove this week's increase in purchase activity on a weekly and annual basis. Buyers remained active in the purchase market, helped by gradually improving inventory conditions and a more positive outlook on the economy and job market," wrote Joel Kan, vice president and deputy chief economist at the MBA.
"Markets know the Fed will cut and that the dot plot (aka rate outlook survey that's updated 4 times per year and closely watched by bonds) will show a higher rate trajectory than September," wrote Matthew Graham, chief operating officer at Mortgage News Daily.
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