The 30-year fixed-rate home loan dropped to 5.32% this week from 5.42% last week. Although it is still above the lowest rate early this year which was 4.78%, the interest rate this week is still lower than the last year average rate 6.35%.
This is the fifth week in a row that the mortgage rate has climbed up over 5% which affects greatly to home loan demand. Mortgage application dropped 19% from one week ago while refinancing activity plunged to 46.6% as reported by the Mortgage Bankers Association.
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