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9/28, 1:57 PM (Source: TeleTrader)
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Mortgage interest rates up to 6.52%, highest since 2008 - MBA

The 30-year fixed rate rose 27 basis points to 6.52% in the week ending September 2 and reached its highest level since mid-2008, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday. Mortgage applications fell 3.7% from a week earlier.

The report noted that the Refinance Index declined 11% from the previous week and was 84% below the same week a year ago. Meanwhile, the seasonally adjusted Purchase Index edged down 0.4% from the last week.

"With rates now more than double what they were a year ago, the pace of refinancing is running at a 22-year low, and last week was more than 80 percent below last year's level. Similarly, purchase activity was 29 percent lower than a year ago, with higher rates and economic uncertainty weighing on buyers' decisions," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting.

Baha Breaking News (BBN) / JG