US Mortgage Rates Increase for a Fourth-Straight Week

Reade PickertWed, March 8, 2023, 7:00 AM EST

(Bloomberg) — US mortgage rates increased for a fourth week to the highest level since mid-November, according to the Mortgage Bankers Association.

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The contract rate on a 30-year fixed mortgage rose 8 basis points to 6.79%, the group said Wednesday. The group’s index of mortgage applications to buy a home, however, increased. The data can be volatile around holidays, and the week followed Presidents’ Day.

Mortgage News Daily, which updates more frequently, put the 30-year rate at 7.03% on Tuesday.

After easing into the start of the year, mortgage rates have been resurgent recently on the heightened prospect of more aggressive Federal Reserve policy. Chair Jerome Powell said Tuesday the central bank is likely to lift borrowing costs higher and potentially faster than previously anticipated.

The MBA’s index of refinancing applications also increased in the week ended March 3. The gauge of overall mortgage applications rose 7.4%.

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% of all retail residential mortgage applications in the US.

–With assistance from Molly Smith.

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