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Mortgage applications in the US increased by 1.9% in the week ending July 17th, snapping a two-week decline, according to data from the Mortgage Bankers Association. The modest rebound occurred despite a further rise in borrowing costs, with the benchmark 30-year fixed mortgage rate climbing by 4 basis points to its highest level in 11 months. The move in rates followed an upswing in longer-term Treasury yields, driven in part by higher fuel prices after a renewed disruption in Middle Eastern energy supplies. Applications for home purchase loans rose 6%, with real estate agent surveys indicating that sellers are becoming more willing to reduce asking prices. By contrast, applications to refinance existing mortgages—typically more responsive to short-term rate fluctuations—declined by 2%.
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