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17.12.202512:12:46UTC+00US Mortgage Rates Rise in Latest Week: MBA

The Mortgage Bankers Association (MBA) reports a rise in the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $806,500) in the United States, reaching 6.38% as of the week ending December 12th, up from 6.33% the previous week. Consequently, there was a 3.8% decline in mortgage applications after a notable 4.8% increase the prior week. Specifically, purchase applications fell by 2.8%, and applications to refinance home loans dropped by 3.6%. Mike Fratantoni, MBA’s Senior Vice President, commented, “Mortgage rates edged higher last week after the FOMC meeting, as investors interpreted the remarks to suggest we are nearing the conclusion of this rate cutting cycle. This led to a slight downturn in mortgage applications.”

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