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Rising bond yields dent mortgage applications
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Mortgage applications turned lower last week as Treasury yields spiked following last week’s FOMC meeting.
For the week ending Sept. 24, purchase and refinance mortgage applications decreased 1.1% from the week prior, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The Refinance Index also decreased 1% from the previous week, but was 0.4% higher than the same week one year ago.
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The yield on the 10-year note rose for a sixth consecutive day on Tuesday to 1.534%, a three-month high.
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