Mortgage Rates Dip Slightly But Remain High as Fed Holds Steady
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Average 30-year fixed mortgage rate dipped to 7.76% this week, first decrease since September. Still nearly 1 point higher than last year.
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Falling rates come as Federal Reserve maintained benchmark rate, aiming to lower inflation toward 2% target.
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With rates near 8%, monthly payments for LI homebuyers have jumped hundreds of dollars as home prices hit record highs.
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Mortgage applications to purchase homes dropped to 1995 lows amid rising rates and low inventory.
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Mortgage Bankers Association hopes Fed avoids further rate hikes this year to improve affordability in 2024.