business
Mortgage rates jump to near 3-year high, causing demand to drop
Mortgage demand dropped for the 7th straight week, as rates surged well over 7% on the 30-year fixed.
Mortgage rates continued to climb for the sixth straight week, reaching the highest level since November 2023. That caused weekly demand to drop 6%, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract inter... [2011 chars]
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