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Mortgage demand continues to decrease despite stable interest rates


Last week, mortgage rates remained steady while demand for new home loans decreased. The average interest rate for 30-year fixed-rate mortgages stayed at 7.02%, contributing to the weakening demand for home loans. Refinancing applications dropped 7% from the previous week, but were 5% higher than the same period last year. Purchase activity also decreased slightly, although applications for FHA purchase loans increased by 2%. The Federal Reserve meeting this week is not expected to have a significant impact on mortgage rates.Overall, mortgage rates have not changed much, and the housing market is facing challenges due to higher interest rates. Despite positive indicators like strong home sales, the expectation is for a gradual recovery in purchase activity if mortgage rates stabilize and inventory improves in the coming months. Despite the potential for volatility from a Powell press conference, the odds are lower this time around.

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