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- October 17, 202614°
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- October 17, 202614°
U.S. mortgage applications fall as 30-year rate rises to 7.12%
The U.S. 30-year mortgage rate rose from 6.97% to 7.12% in the week ending Sept. 18. Total mortgage applications fell 1.5% that week, while applications to purchase homes declined 1% and refinancing applications dropped 3%.
U.S. mortgage applications fell 1.5% in the week ending Sept. 18 compared with the previous week. The Mortgage Bankers Association released the data.
The average interest rate for 30-year mortgages rose from 6.97% to 7.12%. The rate for 15-year mortgages also increased, from 6.30% to 6.43%.
During the week when interest rates rose, mortgage applications to purchase homes fell 1%. Refinancing applications declined by 3%.
Joel Kan, vice president of the Mortgage Bankers Association, said mortgage rates rose sharply last week, reaching their highest level since May 2024.
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