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Mortgage Rates Rise to 2.87%, Reaching Highest Level Since July – Confounded Interest

Mortgage rates in the U.S. surged to the highest level in a month.

The average for a 30-year loan was 2.87%, up from 2.77% last week and the highest since July 15, Freddie Mac said Thursday. Mortgage rates have been below 3% since the beginning of July.

Such a small increase in mortgage rates should have little impact on home purchases, but it will dampen mortgage refinancings.

Or dampen the home price bubble.

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