Purchase-only mortgage applications soared last week, the Mortgage Bankers Association reported Wednesday. The Wall Street Journal reports:

Home buyers are rushing to get mortgages before rates rise further.

Total mortgage applications, including refinancing, increased 3% during the week ended Nov. 18, reversing course from the prior week, driven by strong demand from home buyers.

Applications for mortgages to purchase homes soared 13% during the week ended Nov. 18 from a week prior, according to data released Wednesday by the Mortgage Bankers Association. That was also up 11% from a year ago and the biggest weekly increase since early January.

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