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A “For Sale” sign is displayed in front of a home in Arlington, Virginia, on August 22, 2023. Sales of homes in the United States ticked down in July, according to industry data released on August 22, 2023, as elevated mortgage rates and limited housing supply held buyers back. The housing market in the world’s biggest economy has been reeling as interest rates climbed, making home owners reluctant to put their properties up for sale — having earlier locked in lower rates on their mortgages. (Photo by Andrew Caballero-Reynolds / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
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The contract rate on a 30-year fixed mortgage tumbled 20 basis points to 7.41% last week, data from the Mortgage Bankers Association showed Wednesday.

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