US mortgage rates fell 11 basis points to 7.18%, the first drop in four weeks, as Federal Reserve hints unlikely rate hike and economic slowdown.
The dip in rates increased mortgage applications by 2.6%, with refinancing up by 4.5%, despite rates remaining double what they were in 2021.
Low inventory and high rates have kept home sales stagnant, with NAR Chief Economist highlighting a lack of substantial growth for the past year.
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