US mortgage rates hit highest level since August at 6.57%
US mortgage rates rose to 6.57 percent last week as oil prices fueled inflation. Refinancing fell 17.3 percent as rates hit their highest level since August.
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The cost of borrowing for home buyers in the United States reached its highest point since August last week, as geopolitical instability continues to pressure financial markets. The Mortgage Bankers Association (MBA) reported on Wednesday that the average contract interest rate for a 30-year fixed-rate mortgage climbed 14 basis points to 6.57% for the week ending March 27.
