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MBA data shows applications fell 4.2% week-over-week, refinances fell 8% and the 30-year fixed rate rose to 7.49% for Oct. 2, 2026.
Mortgage rates rose to the highest level in nearly three years, causing demand for both refinancing and homebuying to decline even further.
Buyers retreated from the market as mortgage rates reached a three-year high, causing home loan and refinance demand to plunge.