Mortgage rates fell last week, but lack of housing supply is keeping buyers at bay.
Mortgage applications to purchase a home dropped 4% last week compared with the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.40% from 6.45% The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.40% from 6.45%, with points falling to 0.59 from 0.62 for loans with a 20% down payment. It had been over 7% just a month ago.
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