US mortgage rates rise again, with recent jump most in two years
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US mortgage rates increased by eight basis points to 6.81% for the week ending Nov 1, 2024; this is the highest rate since July 2024; rates have risen 67bps over the last five weeks, marking the largest increase in two years; the rise in mortgage rates is linked to increasing Treasury yields and speculation around Donald Trump's presidential election victory; MBA's refinancing gauge dropped for the sixth consecutive week, the longest streak since April 2022; the purchase index is at its lowest since August 2024; the MBA survey covers over 75% of US retail residential mortgage applications.

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