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U.S. MBA mortgage market index sank 5.8%

U.S. MBA mortgage market index sank 5.8% in addition to a 6.8% dive in the purchase index and a 2.3% dip in the refinancing index for the week ended December 14. The average 30-year fixed mortgage rate sank 2 basis points to 4.94%, continuing to lurk back below the 5-handle as inflation and retail data remained tame last week and the stock market continues to suffer from corrective year-end indigestion. The housing sector remains under pressure as high prices and low inventories collide with stretched incomes and concerns about the growth outlook. For more on the sector, see our existing home sales, housing starts and new home sales reports.


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