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🧵 - Average rate for 30-year fixed mortgages increased to 6.85% 💸

🧵 - Demand to purchase homes dropped 5% in a week 🏡

🧵 2. High mortgage rates impact demand and affordability 📉

🧵 - Average loan size for purchase declines to $423,500, lowest since Jan 2023 💰

🧵 - Refinance applications fall 4%, 30% lower year-on-year 🔽

🧵 3. Mortgage rates stay above 7% as summer progresses ☀️

🧵 - Employment data may affect further rate hikes 📊

🧵 - Housing affordability remains challenging in many areas 🏘️

hold onto your butts