US Mortgage Rates Increase For First Time In Nine Weeks
The average US 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity.
The contract rate on a 30-year mortgage climbed 5 basis points to 6.72% in the week ended March 14 from the lowest level this year, according to Mortgage Bankers Association data released Wednesday. The rate on a 15-year fixed mortgage also rose.
A sustained decline in mortgage rates would provide a much-needed boost for the housing market as affordability remains constrained by still-elevated prices.
MBA's refinancing gauge declined nearly 13% after reaching the highest level since early October the previous week. An index applications for home purchases edged up 0.1%.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
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