According to the Mortgage Bankers Association, there has been a significant drop of 6.9% in mortgage applications during the latest week. This decline reflects a slowdown in the housing market as potential homebuyers become hesitant. The average interest rate for a 30-year mortgage stands at 7.7%, which might have contributed to the decrease in applications. This higher rate makes borrowing less appealing and may discourage individuals from pursuing home purchases or refinancing their current mortgages. It is important to monitor these numbers as they indicate the state of the real estate market and the overall health of the economy.
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