In recent mortgage industry news, the average 30-year conforming rate has experienced a significant decrease, reaching 7.08% this week. This marks a notable drop of 50 basis points from the peak rate seen earlier this year in early May. This development has captured the attention of industry professionals and homeowners alike, as interest rates play a crucial role in determining affordability and demand in the housing market.

Key points to note from this update include:
– Average 30-year conforming rate now at 7.08%
– Decrease of 50 basis points from peak rate in early May
– Impact on affordability and demand in the housing market
– Significance for industry professionals and homeowners alike

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