Real Estate

Mortgage rates fall for the third straight week, but demand still drops further

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A For Sale sign appears in front of a house on Oak Street in Patchogue, New York, on May 17, 2022.

Steve Pfost | Newsday | Getty Images

Mortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased 0.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The results also include an adjustment for the observance of the Thanksgiving holiday.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.49% from 6.67%, with points remaining at 0.68 (including…



Source cnbc.com

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