Mortgage Rates Fall for First Time in Months

For the first time in more than two months, mortgage rates fell.

According to The Hill, the MBA’s weekly survey shows the 30-year fixed-rate mortgage rate falling to 7.06 percent, down from 7.16 a week earlier, and applications decreasing for the sixth straight week. Rates, however, remained near the highest level in two decades.

The share of adjustable-rate mortgages, which rose recently as mortgage rates surged, declined from the previous week to 11.8 percent of total applications.

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