US Mortgage Rates Rise to 6.57 Percent Amid Inflation
The 30-year fixed mortgage rate rose to 6.57 percent last week as rising oil prices fueled inflation concerns. Refinancing applications fell by over 17 percent.
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The mortgage market in the United States experienced a sharp contraction as interest rates hit their highest levels since August. According to the Mortgage Bankers Association (MBA), the benchmark 30-year fixed-rate mortgage climbed 14 basis points to 6.57% for the week ending March 27. This upward pressure is largely attributed to rising inflation fears stemming from the conflict involving Israel and Iran.
