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US mortgage rates drop, but not enough for priced-out homebuyers
Mortgage rates fell slightly last week, but not enough to light a fire under mortgage demand. Total mortgage application volume decreased 3.1% for the 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 ($548,250 or less) decreased to 3.15% from 3.17%, with points decreasing to 0.34 from 0.39 (including the origination fee) for loans with a 20% down payment. While rates fell slightly, they were not as low as the record levels we saw last fall, and that is why refinancing demand is not ... (full story)