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Mortgage demand falters as interest rates rise for the first time in a month

Posted on AllSides May 29th, 2024
From The Right

A key measure of applications fell to a three-month low as mortgage rates started to rise again. The Mortgage Bankers Association's (MBA) index of slid 5.7% for the week ended May 24, according to new data published Wednesday. The data also showed that the average rate on the popular 30-year loan rose to 7.05% last week from the previous level of 7.01%. While that is down from a peak of 8% in October, it marks the highest level for interest rates in a month. "Mortgage rates increased for the first...

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