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Mortgage rates in the United States have risen to their highest level since July, leading to a decline in refinancing activity for the fifth consecutive week.

According to data released by the Mortgage Bankers Association (MBA) on Wednesday, for the week ending October 25, the contract rate for a 30-year fixed-rate mortgage increased by 21 basis points to 6.73%. Over the past four weeks, this rate has risen by nearly 60 basis points, marking the largest increase since March 2023.

The MBA's refinancing application index fell by 6.3% last week, reaching its lowest level since July, with the duration of the decline setting a record for the longest period in over a year.

Although the home loan application index rose for the first time in four weeks, the increase in mortgage rates and high housing prices continue to limit optimism about a quick recovery in the real estate market.

Mortgage rates follow U.S. Treasury yields. With signs indicating stable economic growth, and some questioning whether Federal Reserve policymakers will implement two more 25 basis point rate cuts by the end of the year as previously predicted, Treasury yields saw a significant rise in October.

This weekly MBA survey, conducted since 1990, uses feedback from mortgage bankers, commercial banks, and savings institutions. The data covers over 75% of all retail residential mortgage applications in the United States.

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