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Mortgage applications down 6% as rising rates take a toll

Total mortgage application volume fell 6 percent on a seasonally adjusted basis for the week ended Oct. 7, compared to the previous week, according to the Mortgage Bankers Association...."As incoming economic data reassured investors regarding U.S. growth, and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week," said Michael Fratantoni, chief economist at the MBA.
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