【CNBC】Mortgage demand drops again after FHA loan interest rate hits 21-year high

• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.09% from 6.93%.
• The rate on FHA loans, which are favored by first-time or lower-income borrowers because they offer low down payments, hit 7.02% the highest since 2002.
• Applications for a mortgage to purchase a home dropped 3% for the week and were 27% lower than the same week one year ago.

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