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Mortgage Rate Index Rises to Highest Level Since November 2023
The Mortgage Bankers Association's mortgage rate index, based on actual loan applications, rose 19 basis points to 7.49% in the week ending October 2, marking the highest level since November 2023. The index has increased by about half a percentage point in the last three weeks, the fastest increase since early 2023 according to Bloomberg. Purchase applications fell by 2.1% compared to the previous week, reaching a more than one-year low.