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Mortgage rates are down, but not enough for most borrowers

Mortgage rates continued the downward trend this week amid signs that the U.S. economy is cooling down due to the tightening monetary policy. The recent declines, however, have not been enough to convince borrowers to take out a home loan. 

“This week, labor cost data provided a ray of hope as it showed that hourly compensation was lower than previously reported in the second and third quarters for all sectors except manufacturing,” Danielle Hale, Realtor.com’s chief economist, said in a statement.

Hale added, “Anyone paying attention to the price at the pump would also have noted a decline. details ⇒

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