Gate News message: On April 1, in the U.S., mortgage rates rose for the fourth consecutive week, reaching the highest level since August last year, dampening refinancing and homebuying activity. Data released on Wednesday by the Mortgage Bankers Association (an industry authority) showed that for the week ending March 27, the contractual interest rate on 30-year mortgages increased by 14 basis points to 6.57%. Over the past four weeks, the rate has risen by nearly 0.5 percentage points, the largest increase since 2024. The association’s index of mortgage applications for home purchases fell for the second straight week, while the refinancing gauge declined further by 17.3%. Mortgage rates tied to Treasury yields surged after concerns about inflation rising were sparked by the Iran war. Lower borrowing costs earlier in the year had helped support a weak housing market, but this tailwind has largely faded.
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