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via wolfstreet.comEconomy

Mortgage rates jump to 7.5%, home buyers pull back, demand sags

FROM THE WIRE · WOLFSTREET.COM

Mortgage applications to purchase a home plunged and to refinance a home collapsed. The average weekly mortgage rate for conforming 30-year fixed mortgages ros...

Read at the source ↗
MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishMortgage rates surging to 7.5% trigger a collapse in purchase applications and refinancing demand, signaling weakness in the housing market.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The average weekly mortgage rate for 30-year fixed mortgages rose to 7.5%.
  2. 02Mortgage applications to purchase homes plunged significantly.
  3. 03Refinancing requests collapsed, indicating weakening housing demand.

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