Mortgage Rates See Third Straight Weekly Decline, Offering Hope of Lower Rates Ahead
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Mortgage rates fell for the third consecutive week, with the average 30-year fixed rate dropping to 7.44% and 15-year rates falling to 6.76%.
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The declines signal mortgage rates may be on a downward trend as inflationary pressures ease.
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Mortgage applications rose 2.8% last week, the second straight weekly gain, but remain down 12% from last year.
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Refinance demand ticked up 2% last week but is still low compared to 2021.
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Economists predict rates will continue falling and could reach the 6% range by spring 2024 as inflation cools.