Mortgage Rates Surge, Putting a Damper on Home Buying and Refinancing

Mortgage Rates Surge, Putting a Damper on Home Buying and Refinancing

The numbers: Applications for mortgages plunged as the 30-year mortgage rate surged. The increase in rates for the third week in a row spooked the housing market, dampening home-buying and refinancing demand. Activity as measured by the market composite index—a measure of mortgage application volume—was down in the past week, according to the Mortgage Bankers
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