Recent declines in mortgage rates, which are due to a slowdown in inflation growth, have been enough to convince some borrowers to apply for new home loans, according to recent data on mortgage applications.
However, there are still forces pushing many borrowers — mainly lower-income buyers — to stay on the sidelines, industry experts say.
The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage slowed its downward trajectory this week, declining three basis points from last week to 6.41%. Rates averaged 3.10% at this time one year ago.
“Mortgage rates continued to tick down heading details ⇒
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