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Mortgage Rates Surges to 7.49 Percent, Highest Since Nov 2023
(MENAFN) Borrowing costs for US homebuyers surged to a nearly two-year high last week, with the average rate on a 30-year mortgage climbing to 7.49%, its highest level since November 2023, and demand for home loans dropped sharply.
The Mortgage Bankers Association (MBA) said on Wednesday that overall mortgage applications fell 4.2% from the previous week.
On a seasonally adjusted basis, applications to buy a home slipped 2%, while refinancing applications plunged 8% over the same period.
The 30-year rate rose from 7.30% the week before. The average rate on a 15-year mortgage also moved higher, increasing to 6.71% from 6.56%.
The Mortgage Bankers Association (MBA) said on Wednesday that overall mortgage applications fell 4.2% from the previous week.
On a seasonally adjusted basis, applications to buy a home slipped 2%, while refinancing applications plunged 8% over the same period.
The 30-year rate rose from 7.30% the week before. The average rate on a 15-year mortgage also moved higher, increasing to 6.71% from 6.56%.
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