Mortgage rates drop below 7% for first time since March

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Mortgage rates drop below 7% for first time since March
HousingInflation
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The rate for a 30-year fixed mortgage fell from 7.02% to 6.94% for the week that ended June 14, according to Mortgage Bankers Association data.

for the first time since March — leading to an uptick in the number of applications for loans from would-be home buyers.fell from 7.02% to 6.94% for the week that ended June 14, according to Mortgage Bankers Association data released on Wednesday.

“Purchase applications increased a small amount for the week, led by applications for conventional loans,” Mike Fratantoni, MBA chief economist, said in a statement.NY Giants 'helmet catch' hero blows nearly $500K after failed juice store venture Inflation has remained stubbornly high, forcing the Fed to keep the benchmark rate between 5.25% and 5.50% — the highest in 23 years.

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