U.S. 30-year mortgage rates fall for first time since late March

U.S. mortgage rates fell for the first time since late March, giving homebuyers some relief and boosting applications for home purchases and refinancing mortgages

U.S. mortgage rates fell for the first time since late March, giving home buyers some relief. It also boosted applications for home purchases and refinancing mortgages.
Data released Wednesday by the Mortgage Bankers Association showed that the contract interest rate on a 30-year fixed-rate mortgage fell 11 basis points to 7.18% in the week ended May 3.
Prior to this, the interest rate had risen for four consecutive weeks and rose to a level well above 7%.
The housing market is one of the most interest-rate sensitive areas of the economy.
Mortgage rates fell last week as Federal Reserve Chairman Jerome Powell said a rate hike was unlikely and data showed job growth and wage growth slowed.
Boosted by falling borrowing costs, the MBA mortgage application index, which covers home purchase and refinance mortgage applications, rose 2.6%. The refinance index rose 4.5%.
The MBA survey, conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts.
The data covers more than 75% of all retail residential mortgage applications in the United States.

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