Mortgage rates drop to lowest since mid-December, but demand still falls short

Last week, mortgage interest rates dropped to the lowest level in two months, with the average contract interest rate for 30-year fixed-rate mortgages decreasing to 6.88%. However, despite the lower rates, total mortgage application volume fell by 1.2%, with applications to refinance falling by 4% but still 45% higher than a year ago. Demand for mortgages to purchase homes remained flat, with prices not easing much due to historically low inventories in the housing market.

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