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Mortgage Rates Hit 11-Year High

Not since early 2011 have mortgage rates hit the 5% mark, but this week, that became a reality, as elevated home prices and short supply are making the dream of homeownership an expensive proposition.

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Interest Rises in ARMs

As mortgage rates cross the 5%-mark, application volume continues to tail off, the share of ARMs apps rose, a positive sign in purchase demand while affordability challenges linger.

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