Story perspectives
Mortgage Rates Hit Highest Since January; Applications Surge
5/29/2025
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Story summary
- Mortgage rates climbed to 6.98%, marking a three-week increase and the highest since January.
- Weekly mortgage applications for home purchases rose by 2% and are up 18% compared to last year.
- Refinance applications decreased by 7%, yet they are still 37% higher than the previous year.
- Consumer confidence and labor conditions significantly influence mortgage rate trends.
