The average U.S. 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity.
The contract rate on a 30-year mortgage climbed 5 basis points to 6.72 per cent in the week ended March 14 from the lowest level this year, according to Mortgage Bankers Association data released Wednesday. The rate on a 15-year fixed mortgage also rose.
A sustained decline in mortgage rates would provide a much-needed boost for the housing market as affordability remains constrained by still-elevated prices.
MBA’s refinancing gauge declined nearly 13 per cent after reaching the highest level since early October the previous week. An index applications for home purchases edged up 0.1 per cent.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75 per cent of all retail residential mortgage applications in the US.
©2025 Bloomberg L.P.
