Mortgage Rates Fall to 4.8%, Home Buyers Still Scarce

Mortgage rates fell again last week, sending refinancing applications up. But in a sign that the housing market may be stumbling through a stimulus-induced hangover, new-purchase applications also fell again to a 13-year low.

Average 30-year mortgage rates fell to 4.8% last week from 4.83% the previous week, according to the Mortgage Bankers Association. While rates on 15-year fixed-rate loans rose to 4.25% from 4.19%, the average fees charged to borrowers fell, effectively lowering the rate.

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