US Mortgage Rates Rise for Seventh Week to Highest in 16 Years - Yahoo Canada Finance
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(Bloomberg) -- US mortgage rates jumped to a 16-year high of 6.
The steady string of increases in mortgage rates resulted in a more than 14% slump last week in applications to purchase or refinance a home.
Over the past seven weeks, mortgage rates have soared 1.
Other measures of mortgage rates also put the cost of borrowing around 6.
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The contract rate on a 30-year fixed mortgage rose nearly a quarter percentage point in the last week of September, according to Mortgage Bankers Association data released Wednesday.
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Last week, Freddie Mac’s data, which is released on Thursdays, showed that the average for a 30-year loan climbed to 6.
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