US Mortgage Rates Push Back Above 7%, Slowing Financing Activity
- Contract rate on 30-year fixed mortgage climbed to 7.03%
- Mortgage applications for home purchases fell 3.3% last week
A gauge of mortgage applications to buy a home fell 3.3%, the figures released Wednesday showed.
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US mortgage rates climbed back above 7% last week, driving a decline in applications to finance home purchases.
The contract rate on a 30-year fixed mortgage rose 10 basis points, the steepest increase in more than two months, to 7.03% in the week ended June 28. Figures from the Mortgage Bankers Association also showed the five-year adjustable-rate mortgage climbed 9 basis points to a three-week high of 6.38%.