Mortgage applications in the USA end their 3-week decline, interest rates continue to rise

Mortgage applications in the USA ended their three-week decline, while interest rates continued to increase for 30 years and reached the highest level in almost 3 months.

According to the US Mortgage Bankers Association (MBA) mortgage application research, the seasonally adjusted market index of mortgage application activity, which includes refinancing and purchase loans, rose 7.4 percent to 201.5 points in the week ended March 3.

According to the weekly report published by MBA and shared with ForeksHaber via e-mail, the purchasing index increased by 6.6 percent to 154.4 points, while the refinancing index increased by 9.4 percent to 437.9 points.

In the given week, the 30-year mortgage rate rose 8 basis points from 6.71 percent to 6.79 percent, reaching its highest level since 6.90 percent on November 11, 2022. The 30-year loan interest rate increased by 61 basis points on a 4-week average and by 270 basis points compared to the same period of the previous year.

While the 15-year interest rate increased by 12 basis points from 6.13 percent to 6.25%, the 5-year ARM loan interest rate increased by 2 basis points from 5.73 percent to 5.75 percent. The 30-year jumbo loan rate (greater than $647,200) increased by 5 percentage points from 6.44 percent to 6.59%.

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