Mortgage rates jumped last week to the highest level in 23 years.
Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.31% from 7.16%
The adjustable-rate mortgage share of applications increased to 7.6%, which was the highest level in five months. Total mortgage application volume fell 4.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
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