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Lower rates, fewer buyers. What’s behind the drop and how it could affect you.
Home loan demand is slipping again, although borrowing costs fall to a four-month low. According to CNBC and Mortgage Bankers Association (MBA) data, new mortgage applications dropped 3% last week, while refinances slipped 2%. The average 30-year fixed rate eased to 6.84% from 6.93%, a modest decline that can still reduce monthly payments. However, purchase volume remains 14%
