Tom
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Mortgage rates move to highest level in 5 weeks
Mortgage rates continued to climb higher, but stronger homebuyer demand helped to keep mortgage applications in positive territory.
Applications to refinance a home loan fell 1% for the week and were 28% higher than the same week one year ago.
"Refinance applications declined slightly, led by conventional and VA refinancings, and accounted for a little more than 40 percent of applications last week, the lowest share since July 2025," Kan added.
Mortgage rates moved sharply higher to start this week in reaction to less optimistic news on a possible resolution to the Iran war as well as a hotter-than-expected monthly report on consumer prices. The average rate on the 30-year has moved 14 basis points higher so far this week, according to a separate survey from Mortgage News Daily.
Source Reference
Originally published by CNBC
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