Mortgage Applications Plummet 22% as Interest Rates Climb to End 2024
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Mortgage applications saw a dramatic 21.9% decline in late December 2024 as interest rates approached 7% for 30-year fixed loans. The sharp downturn affected both refinance and purchase applications, highlighting ongoing challenges in the housing market due to elevated borrowing costs.
US Mortgage Rates Surge to 6.91%, Reaching Six-Month High
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The benchmark 30-year fixed mortgage rate in the US hit 6.91%, its highest level since July, while 15-year rates climbed to 6.13%. The Federal Reserve's revised forecast for fewer rate cuts and persistent inflation concerns continue to drive mortgage costs higher.