Mortgage rates have risen sharply in recent weeks, reversing what had been a steady drop from nosebleed levels. One result, predictably, appears to be a stomping out of what little activity was starting to emerge in the housing market.
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Mortgage applications plummet as rates jump
What they're saying: "This time of the year is typically when purchase activity ramps up, but over the past two weeks, rates have increased significantly as financial markets digest data on inflation cooling at a slower pace than expected," Joel Kan, the group's deputy chief economist, said in a release.
