Mortgage demand experienced a decline for the first time in several months, coinciding with a notable drop in mortgage rates. This decrease in demand can be attributed to the prevailing low mortgage rates that have reached their lowest point since June 2023. Here are the key points from the text:

– Mortgage demand fell for the first time since November.
– Mortgage rates reached their lowest level since June 2023.
– The decline in demand is directly related to the low mortgage rates.
– This shift indicates a potential impact on the mortgage industry.
– The decreased rates may prompt prospective buyers to reconsider entering the housing market.
– It is important for industry experts to closely monitor the situation for potential future developments.

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