Purchase mortgage application volume in the U.S. was effectively unchanged over the past week in the absolute but ticked down a (1) percent on a seasonally adjusted basis and was 15 percent lower than at the same time last year and over 50 percent lower than two years ago, based on application data from the Mortgage Bankers Association.

At the same time, the average rate for a 30-year jumbo mortgage has jumped to 7.45 percent, with the average rate for a benchmark 30-year mortgage having ticked over 7 percent and continuing to climb and expectations for rate cuts over the next eight months having tumbled, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.

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