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Market
Mortgage application growth rate comparison by end of 2024
5
Resolution / Starting Odds
Decrease • 33%
Remain stable • 34%
Increase • 33%
U.S. Mortgage Bankers Association or major financial news outlets
Story
U.S. 30-Year Mortgage Rates Surge to 7.50%, Applications Up 3.3%
Apr 17, 2024, 11:00 AM
U.S. mortgage rates have reached new highs in 2024, with the average rate on a 30-year fixed mortgage escalating to 7.50%, marking a significant increase from earlier rates. This surge is attributed to the spread, which has widened to 284 basis points. The rise in rates comes despite a recent uptick in mortgage applications, which increased by 3.3% from a previous 0.1%. The increase in mortgage rates is notable since it represents the highest level since early December 2023, a period when the Federal Reserve considered discussions on rate cuts premature. Previously, on April 15, the rate was reported at 7.44%.
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