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Bond-market bloodbath likely to hit mortgage rates soon — another test for the housing market

Bond-market bloodbath likely to hit mortgage rates soon — another test for the housing market

Rates for home loans moved sideways in the most recent week, but the burgeoning bond market sell-off will likely hit mortgages in the coming weeks, setting up another test for a strained housing market.

The 30-year fixed-rate mortgage averaged 4.71% in the October 4 week, down one basis point from 4.72%, mortgage liquidity provider Freddie Mac said Thursday. That snapped a five-week stretch of gains for the benchmark product, which had recently hit its highest point since April, 2011.

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