Mortgage rates fell last week for the fourth straight week, but neither current homeowners nor homebuyers seemed particularly impressed.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $766,550 or less — decreased to 6.44% from 6.50%Applications for a mortgage to purchase a home rose 1% for the week but were 9% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances — $766,550 or less — decreased to 6.44% from 6.50%, with points decreasing to 0.54 from 0.60, including the origination fee, for loans with a 20% down payment. That was the lowest rate since April 2023. Rates have come down more than 80 basis points from a year ago.
Applications for a mortgage to purchase a home rose 1% for the week but were 9% lower than the same week one year ago.
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