US Mortgage Rates Hold Steady at 7.4% After Seven-Week Rise

The average US 30-year fixed mortgage rate held at 7.4%, ending a seven-week streak of increases. Rates have risen sharply since August from 6.65%, adding pressure on a US housing market already facing difficulties […]

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The average mortgage rate with a 30-year fixed rate in the United States remained at 7.4%, and thus, the trend of seven consecutive weeks of rate increases was stopped.

The rates have increased significantly from the level of 6.65% since August; An issue that has put more pressure on the US housing market, which was already facing problems.

Meanwhile, mortgage applications fell 2.7 percent, marking a sixth straight week of decline.

The main concern: high borrowing costs and house prices, which are still close to historical records, are discouraging buyers from entering the housing market.