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Tag Archives: California

HIGHER RATES START TO BITE

We’re getting the first indications that rising interest rates are starting to crimp America’s borrowing habits. This morning, the Mortgage Bankers Assocation of America reported that its weekly index of mortgage applications for home purchase dipped to 409.6. That’s a cumulative drop of 11% from the peak in early June, and it comes during a week when mortgage rates had actually tailed off a bit. The spike in rates over the past few days will almost certainly continue to drive down next week’s purchase index.