NEW YORK, N.Y. (WSAV) — Mortgage rates rose for the third straight week hitting the highest level since January.
According to the Mortgage Bankers Association’s seasonally adjusted index, the average for 30-year fixed mortgages increased to 6.98 percent from 6.92 percent.
Mortgage applications to purchase a home climbed 2 percent compared with the previous week and were 18 percent higher than the same week one year ago.
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Experts say an increased housing inventory in many markets has been supporting some transaction volume despite economic uncertainty.
Meanwhile, applications to refinance a home loan took the rate increase harder, falling 7 percent for the week. However, refinance demand was still 37 percent higher than the same week one year ago.
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