The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.94% from 7.02%
Mortgage rates moved a little bit higher to start this week but then pulled back Tuesday after weaker than expected retail sales data. "Mortgage rates dropped last week following the latest inflation data and the FOMC meeting," said Mike Fratantoni, MBA's SVP and chief economist. Mortgage applications to purchase a home rose 2% for the week and were 12% lower than the same week one year ago. Home sales have slowed even more recently amid volatile interest rates. The supply of homes for sale is as pricey as it is lean.
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