U.S. 30-Year Mortgage Rates Surge to 7.3%, Highest Since November 2023

The average contract interest rate for 30-year fixed-rate mortgages in the U.S. rose to 7.30% from 7.12%, marking the sixth consecutive week of increases. According to the Mortgage Bankers Association, this rise has led to a 6% decline in weekly mortgage demand. Refinancing applications were hit hardest, dropping 9% for the week and remaining 56% lower than the same period last year, as high rates continue to discourage borrowing.