Mortgage rates in the US at their highest level since December

The average interest rate for a 30-year fixed-rate mortgage in the US rose to 7.13 percent, reaching its highest level since December of last year.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources!

Mortgage rates in the US at their highest level since December

The Mortgage Bankers Association (MBA) released mortgage data for the week ending April 12. Accordingly, mortgage applications increased by 3.3 percent last week compared to the previous week.

During this period, applications for home purchases rose by 5 percent, while refinancing applications increased by 0.5 percent.

The average interest rate for a 30-year fixed-rate mortgage in the country rose from 7.01 percent to 7.13 percent last week.

INTEREST RATE INCREASED

In the same period, the average interest rate for a 15-year fixed-rate mortgage also rose from 6.46 percent to 6.64 percent.

MBA Vice President Joel Kan pointed out that mortgage rates have risen for the second consecutive week, influenced by data showing that the economy remains strong and that reducing inflation is becoming more difficult.

Noting that the mortgage rate reached its highest level since December 2023 at 7.13 percent, Kan stated that despite the high rates, application activity has accelerated.

News Source: 12punto