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RATES JUMP: Freddie Mac said the average rate for 30-year fixed loans pulled away from its lowest level in decades and rose to 4.39 percent this week from 4.17 percent.
TREASURYS TO BLAME: Rates rose because Treasury yields rose to their highest level since July. Mortgage rates tend to track those yields.
BORROWERS PULL BACK: Mortgage applications to buy homes and to refinance dropped 14.4 percent as rates increased.