US Mortgage Rates Rise to Three-Month High, Slowing Home Demand
US mortgage rates climbed last week to a three-month high, prompting a slide in applications for home purchases and refinancing.
The contract rate on a 30-year mortgage rose 6 basis points to 6.92% in the week ended May 16, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages also increased to the highest since early February.