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Mortgage Demand Falls Despite Lower Rates

Mortgage News > Mortgage Demand Falls Despite Lower Rates
Date: 09/30/2020    Mortgage Demand Falls Despite Lower Rates

Fewer Americans applied for a mortgage this week, even as home loan rates dropped to a new all-time low. The average rate on a 30-year fixed-rate mortgage fell to 3.05% with 0.52 points, down from 3.10% the week before. Meanwhile, total mortgage application volume decreased 4.8%, according to the Mortgage Bankers Association, with home purchase requests falling 2% and refinance applications declining by 7%. Refinance requests were still up 52% compared with the year before though.

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