Mortgage interest in the USA is at the highest level of the year
While the average interest rate for a 30-year mortgage (home loan) in the USA increased to 7.13 percent, it reached its highest level since December last year.
Mortgage Banks Association (MBA) announced 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 purchasing a house increased by 5 percent and refinancing applications increased by 0.5 percent.
The average interest rate for a 30-year mortgage in the country increased from 7.01 percent to 7.13 percent last week.
During the same period, the average interest rate for a 15-year mortgage increased from 6.46 percent to 6.64 percent.
MBA Vice President Joel Kan pointed out that mortgage interest rates rose for the second consecutive week, driven by data showing that the economy remains strong and inflation is becoming more difficult to reduce.
Noting that mortgage interest reached its highest level since December 2023 with 7.13 percent, Kan stated that despite the high rates, application activities have accelerated.