US 30-Year Mortgage Rate Rises to Highest Since Mid-November
- Contract rate increased to 6.71% last week, according to MBA
- Index of home-purchase applications fell to lowest since 1995
This article is for subscribers only.
US mortgage rates increased last week to the highest since mid-November, pushing down a gauge of home-purchase applications to the lowest level in nearly three decades.
The contract rate on a 30-year fixed mortgage rose 9 basis points to 6.71%, the highest since the week ended Nov. 11, according to the Mortgage Bankers Association. The group’s index of mortgage applications to buy a home fell for a third week, still the weakest reading since 1995.