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US 30-Year Mortgage Rates Retreat for First Time in Five Weeks

The decline in mortgage rates coincided with a sharp drop in 10-year Treasury yields.

The decline in mortgage rates coincided with a sharp drop in 10-year Treasury yields.

Photographer: Sam Hall/Bloomberg
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US mortgage rates declined for the first time in five weeks, helping propel a measure of home-purchase applications to the highest in a month.

The contract rate on a 30-year fixed mortgage fell 8 basis points to 6.71%, according to Mortgage Bankers Association data released Wednesday. The group’s index of mortgage applications for the purchase of a home increased 7.3% to 165.6, the highest since the week ended Feb. 10.