30-year mortgage rates on the rise

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Thursday, July 11, 2013 - 10:08am

The average 30-year mortgage rate rose to its highest level in nearly two years this week. One expert believes the new rate can be blamed on the economy because of the strengthened employment data released last week.

Other experts say the increase means trouble for house hunters and found many people are more worried about the rate increases over price increases.

So far the biggest impact on the mortgage market is less existing homeowners refinancing their loans. Refinance share of mortgage applications dropped eleven-percent this week.

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