Mortgage applications rise 0.7 percent even as average rates rise to highest level in nearly 4 years

The Market Composite Index increased 0.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans flat and refinances up 1.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to its highest level since April 2014, 4.50 percent.

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