A decline in the rate on a 30-year mortgage had a positive effect on several areas of the"The 30-year fixed rate saw the largest weekly decline since 2020, falling 31 basis points to 5.
43%," said Joel Kan, MBA’s associate vice president of economic and industry forecasting. "The drop in rates led to increases in both refinance and purchase applications, but compared to a year ago, activity is still depressed."
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