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That refi mini boom appears all but dead as mortgage rates surge

A 60 basis point increase in mortgage rates in October has strangled mortgage demand, particularly for refinancings, according to the latest survey data from the Mortgage Bankers Association.

Mortgage applications overall decreased 0.1% from one week earlier, per the MBA‘s weekly applications survey for the week ending Oct. 25. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1% on a seasonally adjusted basis from one week earlier, but fell 1% on an unadjusted basis.

Due to the increase in mortgage rates, the refinance index decreased 6% from the prior week and 43% from the prior month, details ⇒

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