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Long-term Mortgage Rates Fall, Revitalizing Housing Market

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Long-Term Mortgage Rates,Housing Market,Mortgage Applications

Long-term mortgage rates have decreased, boosting home purchase interest and improving the stagnant housing market. Mortgage applications surged 6.3%, with purchase demand up 52% from last year. Though rates declined slightly, affordability remains a challenge.

Long-term mortgage rates fell over the past week, sparking renewed interest in home purchases and revitalizing the stagnant housing market. The Mortgage Bankers Association (MBA) reported a 6.3% increase in mortgage applications, with purchase demand surging 52% from a year ago. Freddie Mac's Primary Mortgage Market Survey showed that the average rate on the 30-year fixed mortgage fell slightly to 6.81%, down from 6.84% the previous week.

Despite this slight decline, the housing market remains constrained by affordability issues. Freddie Mac's chief economist, Sam Khater, noted that potential homebuyers are waiting for further rate drops and more clarity on economic policies

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