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Borrowers lock in loans as rates surge

Mortgage interest rates climbed to their highest level since 2014 last week, and customers are rushing to lock in rates before any further increases, according to the Mortgage Bankers Association. The average on a 30-year fixed-rate mortgage rose to 4.46 percent, up from 4.36 percent the week prior.

Total mortgage application volume, including both home purchases and refinancings, increased 3.1 percent last week from the previous week on a seasonally adjusted basis, the MBA says.

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