https://youtu.be/wRb2qK0RkDU There is no set definition about what is considered pre-qualified and what is…
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The average U.S. mortgage rate fell for the second consecutive week, down nine basis points to 3.04%. Despite rates mirroring mid-march levels, Sam Khater, Freddie Mac’s chief economist, doesn’t expect them to hold.
“The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce,” said Khater. “As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”
Mortgage applications declined for the week ending April 9. It’s the sixth consecutive week of falling mortgage applications.
Applications were down 3.7% from the week ending April 2, with rising mortgage rates and low inventory contributing to the slowdown and leading to a decline in purchase mortgage activity. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.27% from 3.36%.
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