April 11, 2024

US Mortgage Rates Top 7% Again, Weakening Demand for Homes

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US mortgage rates last week topped 7% for the first time in a month, while home purchase applications fell by the most since mid-February.

The contract rate on a 30-year fixed mortgage rose 10 basis points to 7.01% in the week ended April 5, according to Mortgage Bankers Association data released Wednesday. That depressed the group’s index of mortgage applications for home purchases, which slipped 4.7% to the lowest level in a month.

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