U.S. 30-Year Fixed Mortgage Contract Rate Climbs to 7.30%
The rate reached its highest level since November 2023 as weekly mortgage demand fell 6% and refinance applications dropped 9%.
The average U.S. 30-year fixed mortgage contract rate climbed to 7.30% last week, its highest level since November 2023, as weekly mortgage demand fell 6% and refinancing weakened further.
The rate increased from 7.12%, extending its rise to a sixth consecutive week. The move follows the previous increase to 7.12%, which had marked the highest level since May 2024.
Refinance applications fell 9% from the prior week and were down 56% from the same week a year earlier. Refinancing made up 38.3% of all mortgage activity, compared with 39.3% the previous week.
For conforming loans of up to $832,750, points including origination fees rose to 0.75 from 0.73 for borrowers making a 20% down payment.
Government-backed refinance activity declined 13% during the week. Applications for Federal Housing Administration and Department of Veterans Affairs loans each posted double-digit weekly declines.
At current rates, few borrowers can benefit from refinancing.
