rates fall

Mortgage rates fall for the first time in 3 weeks, but demand is still light

Mortgage rates fall for the first time in 3 weeks, but demand is still light

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%.

Applications for a loan to purchase a home increased 3% for the week but were 16% lower than the same week one year ago.

Applications to refinance a home loan moved just 1% higher for the week and were 3% higher than the same week one year ago.

After rising for three weeks, mortgage rates came back down a bit last week, but it didn't seem to have much effect on mortgage demand.

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