Categories: Economy

Mortgage rates rose in the US, applications decreased

While the average interest rate for a 30-year mortgage (home loan) in the US rose last week to 7.27 percent, mortgage applications fell to the lowest level since 1996.

According to data from the Mortgage Bankers Association (MBA), mortgage applications decreased 0.8 percent in the week ending September 8 compared to the previous week.

The average interest rate for a 30-year mortgage in the country increased from 7.21 percent to 7.27 percent.

During the same period, the average interest rate for a 15-year mortgage increased from 6.66 percent to 6.72 percent.

MBA Vice President Joel Kan said mortgage applications declined for 7 of 8 weeks, hitting the lowest level since 1996.

Kan said the average interest rate for a 30-year mortgage rose to 7.27 percent last week, 40 basis points above its level at the end of July. (AA)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.