30-year mortgage rates in the US reached a five-month high of 7.24%, causing a 2.7% decline in mortgage applications due to higher borrowing costs.
30-year mortgage rates in the US have risen to a five-month high of 7.24%, resulting in a 2.7% decline in mortgage applications due to higher borrowing costs. Home-purchase applications have fallen for the fifth time in the last six weeks, while refinancing applications have also seen a significant drop. The rising mortgage rates are causing potential homebuyers to delay their decisions due to strained affordability and low housing supply.
April 24, 2024
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