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Demand For Mortgages Falls
Description
Mortgage demand fell to nearly half of what it was a year ago as interest rates hit their highest level in 21 years. Mortgage rates have climbed over 7 percent from 3 percent at the beginning of the year. Applications for adjustable-rate mortgages remained high at more than four times what it was at the start of this year. ARMs offer lower rates but are considered riskier products.
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