As you’ve likely seen on all the major news websites, mortgage rates are now at the highest level since the spring of 2002. Here’s a brief overview of what’s happening.
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Mortgage News Daily estimated the 30-year fixed rate was 7.37% as of Thursday morning.
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Mortgage loan applications dropped another 0.8% this week, according tothe Mortgage Bankers Association.
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Purchase applications are at the lowest level since 1995, according to Odeta Kushi, chief economist at First American.