Mortgage rates hit lowest level since February 2023

In Larkspur, California, pending home sales fell 1.5% in October to their lowest level in 20 years, according to the National Association of Realtors. Mortgage rates for 30-year fixed-rate loans dropped to 6.29%, the lowest since February 2023, leading to a 1.4% rise in total mortgage demand, with refinance applications up 1% and home purchase applications up 2% for the week. Despite lower rates, affordability challenges and limited inventory are still hindering purchase decisions, with the Consumer Price Index release expected to impact rates further.

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