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From:
Wolf Street
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Spike in Refis, Triggered by Small Dip in Mortgage Rates, Fizzled. Demand for Mortgages to Purchase Homes Still in Deepfreeze
https://wolfstreet.com/2025/10/08/spike-in-refis-triggered-by-small-dip-in-mortgage-rates-fizzled-and-demand-for-mortgages-to-purchase-homes-still-in-deepfreeze/
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Mortgage rates are higher than before the rate cuts started over a year ago.