The sharp increase in mortgage rates seen over the last four months won’t put much of a dent in purchase loan applications, though it will significantly reduce refinance activity, CoreLogic said in its latest MarketPulse report.

Before the rise in interest rates that began in May, approximately 80 percent of mortgages reportedly carried above-market rates. Now only 55 percent of them do, according to the data aggregator.

Source: CoreLogic

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