Quartz·1 min read·medium
Mortgage rates surge close to an annual high, pulling homebuyers back from the market
✦AI Summary
Mortgage applications in the United States fell by 7% for the week ending July 10 as borrowing costs reached near-annual highs. The decline highlights the cooling effect of elevated interest rates on the housing market.
Purchase applications slid 7% for the week ending July 10, while refinance demand edged higher despite elevated borrowing costs
businesseconomy
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