US Mortgage Rates Jump to 6.57%, Highest Since August, MBA Says

US Mortgage Rates March Higher to Seven-Month High of 6.57%

US mortgage rates jump to 6.57%, highest since August, MBA says

The Iran war is raising your mortgage rate

Mortgage rates are rising as inventory increases. (Photo by Seksan Mongkhonkhamsao)Housing markets were rocked this week by a jarring spike in the cost of borrowing. According to Freddie Mac, as of March 31, the average rate for a 30-year fixed mortgage sat above 6.5 percent — the highest rate since August.The culprit is soaring oil prices (themselves d…

Home Loan Applications Fall as US Mortgage Rates Rise Again

The interest rate on the nation’s most popular home loan climbed again last week, adding pressure on prospective homebuyers and driving down the number of applications. The Mortgage Bankers Association on Wednesday reported that the average contract interest rate on a 30-year fixed mortgage rose to 6.57 percent in the week ended March 27, up 14 basis points from one week earlier. Over the past four weeks, the rate has jumped by nearly half a per…

Higher mortgage rates trigger sharp drop in applications

Mortgage applications decreased 10.4% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending March 27. On an unadjusted basis, the index decreased 10% compared with the previous week. The refinance index decreased 17% from the previous week and was 33% higher than the same week one year ago. The seasonally adjusted purchase index decreased 3% from one week ea…