Mortgage interest rates rose last week in the USA

The Mortgage Bankers Association (MBA) released mortgage data for the week ending May 24th. According to the data, mortgage applications decreased by 5.7 percent compared to the previous week.

During this period, applications for home purchases decreased by 1 percent, while refinance applications showed a 14 percent decrease.

The average interest rate for a 30-year fixed-rate mortgage in the country rose from 7.01 percent to 7.05 percent last week. Meanwhile, the average interest rate for a 15-year fixed-rate mortgage increased from 6.42 percent to 6.66 percent during the same period.

MBA Vice President Joel Kan noted that this is the first increase in mortgage interest rates in four weeks, indicating that both purchase and refinance applications have declined, bringing overall activity to its lowest level since the beginning of March.

Kan emphasized that the number of existing homes for sale continues to be limited, stating that many buyers are struggling to find listings that meet their needs within their price range.

source: prepared by Melisa Beğiç

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