Mortgage Rates Drop to Two-Month Lows
Mortgage rates dropped to 7.08% on 30-year fixed-rate mortgages from 7.18%
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- Written by Banking Exchange staff
Last week, mortgage rates dropped to two-month lows to 7.08% on 30-year fixed-rate mortgages from 7.18%, the most popular mortgage loan for American home buyers.
Applications to refinance a home loan increased by 5%.
However, the mortgage interest rate decrease did not yield a stronger housing market as buyers are having difficulty buying into today’s inflated housing market.
Mortgage demand flattened. Applications to purchase homes were 14% lower on an annual basis.
Inventory for homes is still tight as most owners are locked into significantly lower mortgage rates than the market offers today.
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