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OverviewAPI
Mortgage rates have dropped for the fifth consecutive week, with the 30-year fixed-rate mortgage falling to an average of 7.22%. The decline is attributed to a shift in market sentiment and a drop in inflation due to the Federal Reserve's historic rate hikes. The upcoming Fed meeting on December 12-13 will provide insights into potential future rate movements. Despite expectations of cooling off, the average mortgage rate is projected to be 6.8% in the next year.

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