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30-year fixed rose to 7.49% as total mortgage applications dropped 4.2% week over week; refis plunged 8% and purchase requests slipped amid affordability strain
MBA data showed a 4.2% weekly drop, with refinancing down 8% and purchase demand easing as higher borrowing costs kept buyers on the sidelines.
US mortgage rates have soared to their highest level in nearly three years, with the sharp rise in borrowing costs adding to pressure on the housing market as Americans head towards November 3 elections.