Mortgage rates drop as spring homebuying season begins
slipped to 6.42% as of March 23, down from 6.6% a week prior, according to mortgage buyer Freddie Mac. As a result, the typical U.S. homebuyer’s monthly housing payment was pulled down from its peak two weeks ago, according to Redfin.
"Mortgage rates are likely to temporarily decline but not plummet, and demand is likely to swing up and down based on fluctuations in rates and availability of homes on the market," Redfin reported. Redfin also noted that mortgage-purchase applications are up 17% from a month ago and the number of homebuyers contacting Redfin agents for tours also rose this week.
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