Mortgage rates reach 16-month low

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Mortgage rates are dropping...
Mortgage rates have been drifting downward since 2018, and have now reached a sixteen-month low.
The average rate for a 30-year fixed-rate mortgage is 4.6% according to Freddie Mac's weekly mortgage survey.
That's a .88% drop from its recent peak in November of 2018.
The drop in mortgage rates is causing purchase demand to rise, and the mix of demand is skewing to the higher end.
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