“Mortgage rates inched up ahead of a widely-expected rate cut by the Federal Reserve this week.
“A week ahead of the Fed’s expected cutting of its benchmark interest rate by a quarter percentage point, the 30-year mortgage rate inched up slightly, which slowed home-buying and refinancing demand.
“Applications for mortgages declined in the latest week, with the market composite index, which is a measure of loan application volume, falling, according to the Mortgage Bankers Association on Wednesday.”
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