U.S. Mortgage Rates Hit Highest Level Since Last August

Odaily News According to data released by the Mortgage Bankers Association on Wednesday, U.S. mortgage rates rose for the fourth consecutive week, reaching their highest level since last August, which has dampened refinancing and home purchase activities. The contract rate for a 30-year fixed mortgage increased by 14 basis points to 6.57% in the week ending March 27. Over the past four weeks, this rate has climbed by nearly 0.5 percentage points, marking the largest increase in 2024. The association's purchase mortgage application index declined for the second consecutive week, while the refinancing index fell further by 17.3%. Mortgage rates, which are linked to U.S. Treasury yields, have risen sharply following concerns about inflationary pressures stemming from the Iran conflict. Lower borrowing costs at the beginning of the year had provided support for the sluggish housing market, but this positive effect has largely faded. (Jin10)