Oct 18 - The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the slumping housing market.
The average contract interest rate on a 30-year fixed-rate mortgage rose 3 basis points to 7.70%, the highest since November 2000, MBA said. Residential borrowing costs have risen roughly by half a percentage point since the beginning of September. The yield on the benchmark 10-year Treasury note that is heavily influential in setting mortgage rates climbed above 4.8% this week to the highest since 2007. Barring an about-face in the bond market that brings yields lower, borrowing costs look unlikely to pull back in the near term.
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