Tom
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Mortgage rates hit the highest level in a month, causing lower income homebuyers to drop out
C
CNBC
May 6, 2026
Mortgage RatesSource: GNews
Mortgage rates rose last week, causing loan demand to drop back and causing the average loan size to rise -- indicating that lower income borrowers dropped out.
Mortgage rates continued to climb higher last week, causing both current homeowners and potential home buyers to retreat from the market, especially first-time buyers. Total mortgage application volume fell 4.4% compared with the week before, accordi... [1862 chars]
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Originally published by CNBC
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