Mortgage Banks Association (MBA) announced mortgage data for the week ending March 27. Accordingly, mortgage applications decreased by 10.4 percent last week compared to the previous week.
During this period, applications for purchasing a home decreased by 3 percent and refinancing applications decreased by 17 percent. The average interest rate for a 30-year mortgage in the country increased from 6.43 percent to 6.57 percent last week.
During the same period, the average interest rate for a 15-year mortgage increased from 5.83 percent to 5.89 percent. MBA Chief Economist Mike Fratantoni said the average interest rate for a 30-year mortgage reached its highest level since August last year, up half a percentage point from a month ago.
Fratantoni stated that the sudden jump in interest rates and the increase in general economic uncertainty are thought to have a negative impact on buyer confidence.
