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Mortgage demand slows despite low rates, but credit card use soars

With mortgage rates at record lows for the year, you might figure that demand for home loans would be high -- but at this point Americans seem more interested in loading up their credit cards. The average rate for a 30-year fixed mortgage came in at 4.12 percent this week, Freddie Mac said Thursday, up from 4.1 percent during the three previous weeks, which was the lowest level of 2014. The average 15-year fixed rate was 3.26 percent, up from 3.24 percent last week and a low of 3.21 percent for the year. But mortgage applications fell 7.2 percent last week to the lowest level since December 2000, according to a Mortgage Bankers Association report on Wednesday. A recent flurry of ...

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