The average rate for 30-year fixed mortgages jumped 12 basis points, from 7.18% to 7.30%, after a monthly inflation report came in hotter than expected. It was the largest one-day increase in more than a month, driven by broad price pressures and an economy that also exceeded analysts’ expectations in the employment report. The rise ends a month-long decline in rates during which mortgage demand recovered. Mortgage applications rose 6.2% last week, including increases of 5% for refinancing and 8% for home purchases, but remained substantially below their year-earlier levels.
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