Home purchase mortgage applications fell 19% year over year, while total application volume declined 4.1% last week. The average 30-year fixed mortgage rate rose to 6.97%, crossing above 7% by Thursday and reaching 7.22% by Tuesday. Refinance applications plummeted 65% from a year ago, with a 9% weekly decline. Over the past six business days, rates surged 0.33%, the most abrupt jump since October 2024, driven by spiking energy prices, persistent inflation, and expectations of tighter Federal Reserve policy.
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