US mortgage rates hit highest since November 2023

“Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. (Pexels Photo)

ISTANBUL – US mortgage applications decreased last week, while mortgage rates hit their highest level since November 2023, according to a Mortgage Bankers Association (MBA) report released Wednesday.

The market composite index, a measure of mortgage loan application volume, fell 2.7 percent on a seasonally adjusted basis for the week ending April 19. On an unadjusted basis, the index decreased 2 percent compared with the previous week.

“Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.

The average contract interest rate for a 30-year fixed mortgage rate increased to 7.

24 percent last week, reaching its highest level since November 2023, from 7.13 percent the previous week.

The average contract interest rate for 15-year fixed-rate mortgages, meanwhile, rose to 6.

75 percent from 6.64 percent.

“Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply,” Kan said.

The MBA survey covers more than 75 percent of US retail residential mortgage applications. (Anadolu)