US Mortgage Applications Decline for Third Week
Mortgage applications in the U.S. experienced a decline of 1.6% for the week ending March 28, continuing a three-week downward trend, as reported by the Mortgage Bankers Association. This decrease follows a 2.0% fall in the previous week. Applications for refinancing saw a 5.6% drop, hitting a five-week low. In contrast, applications for new home purchases rose by 1.5%, marking their sixth consecutive weekly increase and reaching a nine-week high. Meanwhile, the average interest rate for a 30-year fixed mortgage slightly dipped to 6.70%, down from 6.71%.
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