(Bloomberg) — US mortgage rates surged last week by the most in four months, reaffirming a retrenchment in housing demand that’s struggling for momentum.
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The contract rate on a 30-year fixed mortgage rose 21 basis points to 6.39% in the week ended Feb. 10, the highest since the first week of the year, according to Mortgage Bankers Association data released Wednesday. That was the first increase this year.
That took the total applications index, which measures home purchase and refinancing activity, down 7.7%. Refinancing activity dropped 12.5%, the most since the end of November. Purchases fell 5.5%.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
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