A roughly seven basis point increase in 30-year weekly rates and gains in bond yields from recent record lows could dampen refinancing applications a bit unless they motivate a significant group of fence-sitting borrowers to act.

Freddie Mac's survey shows a seven basis point increase in the average 30-year rate for the week ending to 4.22% from record lows in conjunction with higher Treasury yields and improved housing data. The long-term rate-indicative 10-year Treasury yield as of late Thursday morning was at about 2.2% after dropping below 2% recently.

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