30-year mortgage rate rises to 7.24% (Il Sole 24 Ore Radiocor) - New York, 24 Apr - Mortgage applications in the US fell 2.7% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending April 19.

The Refinance Index fell 6% from the previous week, and was 3% higher from a year ago.

The seasonally adjusted Purchase Index decreased 1% compared with a week ago while the unadjusted Purchase Index increased 0.2% from a week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (766,550 dollars or less) rose to 7.24% from 7.13%.

'Mortgage rates continued to move higher last week, reaching their highest levels since late 2023 and putting a damper on applications activity. The 30-year fixed rate increased for the third consecutive week to 7.24 percent, the highest since November 2023,' said Joel Kan, MBA's Vice President and Deputy Chief Economist.

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(RADIOCOR) 24-04-24 15:14:33 (0546) 5 NNNN