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Another decrease in mortgage interest rates has led to an uptick in home loans, as well as homebuyers looking to refinance.
The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, barely down from 6.74% last week.
Mortgage rates are projected to fall to around 6% by 2026, giving hope to homebuyers after years of high borrowing costs.
The Bank of England has cut interest rates to 4%, taking the cost of borrowing to the lowest level for more than two years.
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