This week 30-year mortgages fell to a record low of 4.85%. The unprecedented drop caused mortgage applications to rise more than 30%. However, according to Newsweek, "Nearly 80% of [the] applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes."In addition to the drop for 30-year mortgages, 15-year fixed rate mortgages fell to 4.85%
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