Mortgage rates surge to highest since September, hitting spring housing market
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Mortgage rates have surged to a seven-month high of 6.41% due to rising bond yields influenced by the war in Iran. This increase comes despite a recent drop to a multiyear low of 5.99%. The Mortgage Bankers Association noted a rise in mortgage demand, but the new surge in rates may hinder the spring housing market, which is already facing challenges like high rates and geopolitical uncertainty. Homebuyers could see monthly payments increase by approximately $115 for a $400,000 home purchase compared to two weeks ago.
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