U.S. mortgage rates rise to the highest since August last year

Odaily Planet Daily News: U.S. mortgage rates rose for the fourth consecutive week, reaching the highest level since August last year, weighing on refinancing and homebuying activity. Data released by the Mortgage Bankers Association on Wednesday showed that for the week ending March 27, the contractual rate on a 30-year mortgage rose 14 basis points to 6.57%. Over the past four weeks, the rate has climbed nearly 0.5 percentage points, the largest increase since 2024. The association’s Purchase Mortgage Application Index fell for the second consecutive week, while the refinancing measure declined further by 17.3%. Mortgage rates tied to Treasury yields surged after concerns about inflation moving higher were triggered by the Iran war. Lower borrowing costs at the start of the year had provided support for a struggling real estate market, but this positive factor has largely faded. (Jin10)