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U.S. mortgage demand fell by 2.7%, with the average 30-year fixed rate rising to 6.85%.
U.S. mortgage applications fell by 2.7% last week, according to data from the Mortgage Bankers Association (MBA), with refinancing applications down 6.2% and purchase applications down 0.2%. During the same period, the average 30-year fixed mortgage rate rose by 6 basis points to 6.85%, further intensifying pressure on borrowers and the real estate market.
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