US mortgage rates increase to 6.73%, highest since late July
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US mortgage rates rose 21 basis points to 6.73% for the week ended Oct 25, 2024; this marks the highest rate since late July; rates have increased nearly 60 basis points in the last four weeks, the most since March 2023; refinancing applications fell 6.3% to the lowest level since July, marking the longest decline in over a year; the index of home purchases rose for the first time in four weeks; rising mortgage rates and high asking prices hinder housing market recovery; mortgage rates are influenced by US treasury yields, which have risen due to steady economic growth; the Mortgage Bankers Association (MBA) survey has been conducted weekly since 1990, covering over 75% of US retail residential mortgage applications.

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