Real Estate

Mortgage demand surged after Fed signaled potential pause in rate hikes

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A display for a realtor with Coldwell Banker Dynasty TC, left, is displayed as she speaks with a potential homebuyer during an open house in Arcadia, California.

Jonathan Alcorn | Bloomberg | Getty Images

Mortgage rates fell slightly last week after the chairman of the Federal Reserve suggested a potential end to a historic string of interest rate hikes. The drop wasn’t substantial, but it was enough to boost demand from current homeowners hoping to refinance their mortgages to lower rates.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased last week to 6.48% from 6.50% in the previous week, with points declining to…



Source cnbc.com

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