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Mortgage Rates Tick Up as Activity Hits 22-Year Low

Weekly long-term U.S. mortgage rates have inched upward, as mortgage demand sank to its lowest in 22 years. So reports Yahoo! Money.

arrow 306811 640 smallAccording to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.54% in the week ending July 21, up from 5.41% the week before.

Although down from 5.81% in late June, the average rate was still up more than 2 percentage points from the start of 2022. Meanwhile, the Mortgage Bankers Association’s seasonally adjusted index of mortgage applications fell to its lowest level since 2000 in the week ending July 15.

Read the full article from Yahoo! Money.

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