30-year fixed mortgage rates rose to 7.05%, causing a decline in US home-buying and refinancing demand.

Mortgage rates rose for the first time in a month, causing a decline in demand for US home-buying and refinancing. The average contract rate on a 30-year fixed mortgage increased to 7.05% during the week ended May 24, according to Mortgage Bankers Association (MBA) data. This led to a 13.5% drop in refinancing activity and a decrease in purchasing activity, resulting in the lowest demand levels since early March.

May 28, 2024
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