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Mortgage Rates Soar To 6.97%, Applications Crash, Jobless Claims Fall: Thursday's Economic Data

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Mortgage Rates Soar To 6.97%, Applications Crash, Jobless Claims Fall: Thursday's Economic Data - Benzinga

Quick Summary:

The average interest rate on 30-year fixed-rate mortgages with conforming loan balances of $766,550 or less climbed to 6.97% in the week ending Dec.27, 2024, up from 6.75% the previous week, according to data released Thursday by the Mortgage Bankers Association.

Notably, mortgage rates, which had trended lower for much of the first half of 2024, are now 21 basis points higher than this time last year, flipping the script on what had been a relatively friendly market for borrowers.

The new year brought little cheer for prospective U.S.homebuyers, as mortgage rates surged to their highest level in six months.

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Article Details

Author / Journalist: Piero Cingari

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-02 @ 14:25:10 (4 days ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 458 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 24819469

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Official Website: benzinga.com

Update Frequency: 28 posts per day

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News Last Updated: 13 hours ago

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Publisher ID: #53

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