Mortgage rates hit highest level in 3 weeks, weakening demand further

Mortgage rates today: 30-year fixed rate hits a three-week high as homebuyer demand weakens

Mortgage rates have edged higher, reaching their highest point in three weeks. This increase is adding pressure to the already sluggish U.S. housing market. Total mortgage application volume saw a slight decrease from the previous week. Refinancing applications dropped, and home purchase demand also weakened. Affordability pressures continue to weigh on both buyers and sellers.

Higher Mortgage Rates Put Fresh Pressure On Homebuyers

Mortgage rates climbed to their highest level in three weeks last week, putting additional pressure on an already subdued U.S. housing market. According to the Mortgage Bankers Association, the average rate for a 30-year fixed mortgage with a conforming balance rose to 6.78%, up from 6.77% the previous week. Total mortgage application volume declined 1%.💡Refinancing activity dropped 2% from the prior week and was down 17% from the same period l…

Mortgage rates hit highest level in 3 weeks, weakening demand further

Mortgage rates rose again last week causing demand for both refinances and purchase loans to drop. Rates rose to their highest level in three weeks.