Mortgage rates in the United States have risen for the first time since early January, according to the Mortgage Bankers Association (MBA) data released on Wednesday.
Key Points:
Rate Increase: The 30-year fixed mortgage rate climbed by 5 basis points to 6.72% for the week ending March 14, marking an end to the downward trend seen earlier in the year.
Refinancing Activity: The increase in mortgage rates has led to a 13% decline in the refinancing index, which had reached its highest level since October.
Purchase Activity: Home purchase activity remained relatively stable, with a slight increase of 0.1% in applications for home purchases despite the higher rates.
Housing Market Impact: While a sustained decline in mortgage rates would have supported the housing market by making homes more affordable, the recent rise in rates could temper both refinancing and home purchase activity.
Survey Details: The MBA’s survey includes data from mortgage bankers, commercial banks, and thrifts, covering over 75% of all retail residential mortgage applications in the U.S.
This rise in mortgage rates comes as housing affordability remains a concern, with elevated home prices still impacting potential buyers.
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