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Purchase mortgage rates drop to 5.25% as demand wanes

Purchase mortgage rates this week averaged 5.25%, down five basis points from a week ago, as some individuals put the American homeownership dream on standby due to higher rates and surging home prices, according to the latest Freddie Mac PMMS.

This time a year ago, the 30-year fixed-rate purchase rates were at 3%, the report shows. The government-sponsored enterprise (GSE) index accounts for just purchase mortgages reported by lenders during the past three days.

Economic uncertainty is causing mortgage rate volatility, according to Sam Khater, Freddie Mac’s chief economist.

“As a result, purchase demand is waning, and homebuilder sentiment has dropped to details ⇒

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