Mortgage advantages in the US near three-year peak

Mortgage interest rates in the United States remained elevated last week, approaching their highest levels in three years, leading to a significant decline in refinance and home purchase applications. The average rate for 30-year fixed-rate mortgages increased to 7.49% from 7.30% the previous week, with points rising to 0.84. As a result, refinance requests dropped by 8%, falling to less than half of their levels a year ago, while home purchase applications fell by 2% over the week and by 15% compared to the previous year. Borrowers are increasingly turning to adjustable-rate mortgages, which offer lower interest rates but carry greater risk. This rise in interest rates continues to reduce purchasing power, impacting the real estate market and dampening activity across all types of loan applications.

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