Applications for home purchases have reportedly plunged to a multi-decade low US mortgage rates surged to their highest level in more than two decades at the end of last month, spurred by the Federal Reserve’s campaign to hike interest rates, Bloomberg reported on Wednesday, citing a survey by the Mortgage Bankers Association. According to the trade body, the average 30-year fixed mortgage contract rate rose by 12 basis points in the reporting period – the most since mid-August – and hit 7.53% on Friday. The rate topped 7.5% for the first time since November 2000. This time last year, it was just over 5.5%. In hou
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