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- A jump in the 30-year fixed-rate mortgage hit demand for home loans last week, the MBA said.
- The rate on the most popular US mortgage climbed to 6.62% from 6.39%, the highest level since November.
- Mortgage rates are following bond yields higher as investors prepare for the Fed to keep interest rates high to fight inflation.
Potential homebuyers largely stepped back from applying for mortgages last week as worries around interest rates helped fuel an increase in the cost of home loans to a three-month high.
The average contract interest rate for a 30-year fixed-rate mortgage shot up 23 basis points to 6.62% for houses sold for $726,200 or less in the week that ended February 17. The Mortgage Bankers Association said in its survey that rate was 6.39% a week earlier.