Mortgage rates continued to rise in the USA
The average interest rate for a 30-year mortgage (home loan) in the USA increased to 7.29 percent.
Mortgage Banks Association (MBA) in the USA announced mortgage data for the week ending April 26. Accordingly, mortgage applications decreased by 2.3 percent last week compared to the previous week.
During this period, applications for purchasing a home decreased by 2 percent and refinancing applications decreased by 3 percent.
The average interest rate for a 30-year mortgage in the country also increased from 7.24 percent to 7.29 percent last week.
During the same period, the average interest rate for a 15-year mortgage decreased from 6.75 percent to 6.74 percent.
MBA Senior Vice President and Chief Economist Mike Fratantoni noted that inflation remains stubbornly high, and this trend has convinced markets that interest rates, including mortgage rates, will stay high for longer.
Fratantoni pointed out that the increase in 30-year mortgage interest rates to 7.29 percent, the highest level since November 2023, is a bad development for the housing market, and noted that purchase and refinancing application volumes also decreased.