Economics
US 30-Year Fixed Mortgage Rate Falls to a Three-Month Low
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US mortgage rates declined last week to a three-month low, though a slight easing in home-purchase applications underscores a still-challenged housing market.
The contract rate on a 30-year fixed mortgage decreased to 6.34% in the week ended Dec. 16 from 6.42%, according to Mortgage Bankers Association data released Wednesday. Rates are down 82 basis points since reaching a more than two-decade high of 7.16% in late October.