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The rate on 30-year mortgages climbed to 7.40% from 7.28% last week, while the average 15-year rate increased to 6.73% from 6.60% last week.
Mortgage rates rose for the seventh straight week, approaching 7.5%, according to the Freddie Mac Weekly Mortgage Applications Survey.
The Freddie Mac 30-year fixed-rate mortgage rose for the seventh consecutive week, up 12 basis points to 7.40%. Rates are now a full 110 basis points higher than they were last year at this time, which was 6.30%. This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28%…