US mortgage demand falls 6% as rates climb for sixth straight week
The average 30-year mortgage rate has risen to 7.30%, its highest level since November 2023, driving down both purchase and refinance applications.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
Demand for US mortgages fell 6% as borrowing rates rose for a sixth consecutive week, according to Anadolu Agency. The average rate on a 30-year fixed mortgage climbed to 7.30%, its highest level since November 2023.
Refinancing applications were hit particularly hard, dropping 9% as higher borrowing costs made refinancing existing loans less attractive for homeowners.
The steady climb in mortgage rates over six straight weeks reflects broader pressures in the lending market, and continues to weigh on housing market activity by making home purchases more expensive for prospective buyers relying on financing.
Industry observers will be watching upcoming weekly data to see whether rates continue to climb or begin to stabilize, given the direct impact borrowing costs have on both new home purchases and refinancing decisions.
Sources
- US mortgage demand falls 6% as borrowing rates rise for sixth straight week — Anadolu Agency (Turkey)
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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