US Mortgage Rates Hit Highest Level Since November 2022

According to data from the Mortgage Bankers Association (MBA), mortgage applications decreased 13.3 percent in the week ending February 17 compared to the previous week.

The average interest rate for 30-year mortgages in the country increased from 6.39 percent to 6.62 percent. Thus, the average interest rate on a 30-year mortgage reached the highest level recorded since November 2022.

In the same period, the average interest rate for a 15-year mortgage increased from 5.85 percent to 5.98 percent.

MBA Vice President Joel Kan said rising mortgage interest rates caused home purchase applications to fall 18 percent to the lowest level since 1995.

The average interest rate for a 30-year mortgage in the US topped 7 percent in October 2022, hitting a 21-year high.

In the country, the tightening of the aggressive monetary policy of the United States Federal Reserve (Fed) in the face of high inflation significantly weakened the real estate market. (AA)