Mortgage Rates Hit 3-Week High as Demand Falls 8.5%
The U.S. housing market is showing some changes. Mortgage rates have hit a three-week high, and fewer borrowers are applying for loans. The Mortgage Bankers Association (MBA) reports that mortgage applications fell 8.5% last week as rates rose. After weeks of stable or slightly lower rates, buyers now face higher costs and less breathing room.
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