US mortgage rate hits near three-year high

The average interest rate for a 30-year US mortgage reached 7.49%, marking its highest level since November 2023.

The Mortgage Bankers Association (MBA) stated on Wednesday that mortgage applications decreased by 4.2% last week compared to the previous week.

Seasonally adjusted data showed that mortgage applications for home purchases fell by 2%, while refinancing applications dropped by 8% during this period.

The average interest rate for a 30-year mortgage in the country climbed to 7.49% from 7.30% last week to reach its highest level since November 2023.

The average interest rate for a 15-year mortgage also increased to 6.71% from 6.56% during the same period.