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Mortgage Demand Retreats eventhough Rates Fall

Mortgage News > Mortgage Demand Retreats eventhough Rates Fall
Date: 08/05/2020    Mortgage Demand Retreats eventhough Rates Fall

Long-term mortgage interest rates fell back to near-all-time lows last week, but it wasn’t enough to lure more borrowers into the market. The Mortgage Bankers Association’s index of mortgage application volume fell 5.1% from the week before, with refinance requests sinking 7% and home purchase applications slipping 2%. Meanwhile, the average rate on a conventional 30-year fixed rate mortgage fell to 2.99%, down from 3.01% the previous week. The record low of 2.98% occurred two weeks ago.

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