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  • Writer's pictureLoanOnTime

Weekly Mortgage Applications Rise As Rates Drop To 30-Year Low, But It’s All Refinances

  • The average contract interest rate for 30-year fixed-rate mortgages of up to $510,400 decreased to 3.45% from 3.49% last week, causing yet another rush to refinance mortgages.

  • Mortgage applications to purchase a home fell for the fifth straight week, down 2% from one week early and down a striking 35% from a year ago.

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