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By ALEX VEIGA, AP Business Writer

The average long-term U.S. mortgage rate is holding at just above 6% after reversing a modest uptick in recent weeks just as the housing market closes in on the spring homebuying season.

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The benchmark 30-year fixed rate mortgage rate slipped to 6.09% from 6.11% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate averaged 6.87%.

The modest pullback brings the average rate back to where it was three weeks ago.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also edged lower this week. That average rate fell to 5.44% from 5.5% last week. A year ago, it was at 6.09%, Freddie Mac said. read more

By ALEX VEIGA, AP Business Writer

Sales of previously occupied U.S. homes fell sharply in January as higher home prices and possibly harsh winter weather kept many prospective homebuyers on the sidelines despite easing mortgage rates.

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Existing home sales sank 8.4% last month from December to a seasonally adjusted annual rate of 3.91 million units, the National Association of Realtors said Thursday. That’s the biggest monthly decline in nearly four years and the slowest annualized sales pace in more than two years.

Sales fell 4.4% compared with January last year. The latest sales figure fell short of the 4.105 million pace economists were expecting, according to FactSet. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks fell sharply Thursday as the market punished companies seen as potential losers from artificial-intelligence technology.

The S&P 500 sank 1.6% for its second-worst day since Thanksgiving, though it’s still near its all-time high set late last month. The Dow Jones Industrial Average dropped 669 points, or 1.3%, and the Nasdaq composite fell 2%.

AppLovin lost nearly a fifth of its value and tumbled 19.7%, even though it reported a stronger profit for the latest quarter than analysts expected. Like other software companies, it’s come under pressure from worries that AI may undercut its business while fundamentally changing how people use the internet.

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Average US long-term mortgage rate dips to where it was 3 week ago, just above 6%

US homes sales fell sharply in January, even as mortgage rates continued to ease

How to face down estate planning paralysis read more

By Kimberly Palmer, NerdWallet

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

When certified financial planner (CFP) AJ Ayers helped clients with their basic estate planning documents, she noticed they often got stuck on one step: finalizing the paperwork.

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  NASA, SpaceX shoot for predawn Crew-12 launch with sonic boom possible

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  Average US long-term mortgage rate dips to where it was 3 week ago, just above 6%

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“They would create an online estate plan and then wouldn’t complete the step where you need a notary to watch you sign it with two witnesses,” she says. read more

By MATT OTT, AP Business Writer

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week, remaining within the historically healthy range of the past few years.

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Applications for jobless aid for the week ending Feb. 7 fell by 5,000 to 227,000 from the previous week, the Labor Department reported Thursday. That’s basically in line with the 226,000 new applications that analysts surveyed by the data firm FactSet had forecast.

Filings for unemployment benefits are viewed as representative of U.S. layoffs and are close to a real-time indicator of the health of the job market. read more