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Mortgage rates are easing slightly, but homebuyers are retreating
Mortgage rates fell slightly last week, but neither current homeowners nor potential homebuyers were inspired. Demand for mortgages fell overall.
Applications to refinance a home loan fell 2% for the week and were 20% higher than the same week one year ago. Last week's refinance pace was the slowest since last June.
There was less demand for adjustable-rate mortgages, or ARMs, as consumers opt for those when rates are rising.
Mortgage rates are essentially flat so far this week, according to a separate survey from Mortgage News Daily.
Source Reference
Originally published by CNBC
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