US 30-year mortgage rate rises to four-month high of 7.13%
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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. The effective rate, which includes fees and compound interest, increased to 7.32%. Purchase activity stabilised last week with a 5% increase in the group's index of mortgage applications for home purchases. Mortgage rates are at risk of rising further based on the 10-year Treasury yield. Federal Reserve chair Jerome Powell said that the latest US inflation readings indicate that it will take longer for the central bank to lower its benchmark interest rate, which will likely keep mortgage rates elevated and temper housing demand. MBA's overall index of applications rose 3.3% last week, with the refinancing gauge edging higher.



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