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US 30-Year Mortgage Rate Rises to a Four-Month High of 7.13% [Yahoo! Finance]
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Most Read from Bloomberg Dubai Grinds to Standstill as Cloud Seeding Worsens Flooding China Tells Iran Cooperation Will Last After Attack on Israel What If Fed Rate Hikes Are Actually Sparking US Economic Boom? Powell Signals Rate-Cut Delay After Run of Inflation Surprises Red Lobster Considers Bankruptcy to Deal With Leases and Labor Costs The contract rate on a 30-year fixed mortgage rose 12 basis points to 7.13% in the week ended April 12, according to Mortgage Bankers Association data released Wednesday. The effective rate, which includes fees and compound interest, increased to 7.32%. Despite the pickup in borrowing costs, purchase activity stabilized last week. The group's index of mortgage applications for home purchases increased 5%, representing just the first gain in five weeks. Mortgage rates are at risk of rising further based on the 10-year Treasury yield that now stands at the highest since November. Mortgage News Daily, which updates more frequently, pu
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