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Mortgage rates moved to their highest level in nearly three months last week, giving homeowners little incentive to refinance their home loans.
Total mortgage application volume rose 0.6% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 59% higher than a year ago, thanks to today’s stronger refinance market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.05% from 4.02%, with points decreasing to 0.37 from 0.38 (including the origination fee) for loans with a 20% down payment.
“The 10-year Treasury rate rose slightly…