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Mortgage rates are now falling but demand is still weaker
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- A mixed week for mortgage rates resulted in less demand from both current homeowners and potential homebuyers.
- Applications to refinance a home loan dropped 5% for the week and were 17% higher than the same week one year ago.
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A mixed week for mortgage rates resulted in less demand from both current homeowners and potential homebuyers. Total mortgage application volume fell 3.8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, remained unchanged at 6.60%, with points remaining unchanged from 0.63, including the origination fee, for loans with a 20% down payment.
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