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US: Mortgage Rates Spike Amid Decline in Home Purchases
US 30-year, fixed-rate mortgage rates climbed 0.14% this week, ahead of Friday's inflation data release.
"Investors have their eyes on the Consumer Price Index, expecting to see continued gains but at a moderating pace," Freddie Mac's chief economist told CNN, adding the data will be an important indicator for the Federal Reserve at its meeting next week.
The US housing market continues to sink, as record-high home prices and higher mortgage rates led to a drop in mortgage applications - now at their lowest level in 22 years.
