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Story summary
- Mortgage rates rose to 6.57%, the highest since last August.
- The rise is attributed to ongoing inflation fears linked to the war with Iran.
- Total mortgage application volume dropped 10.4%, according to the Mortgage Bankers Association (MBA).
- Refinance applications fell 17% from the previous week.
- Fratantoni, MBA's chief economist, notes refinance volumes are down over 40% from last month.
