Interest rates on 30-year mortgages in the USA – the most common form of financing for housing in the world's largest economy – climbed to over 7 percent last week.
The average interest rate on 30-year mortgages rose 0.10 percentage points last week, the strongest increase in more than two months. At the end of the week, the level was 7.03 percent.
The interest rate on five-year mortgages rose simultaneously by 0.09 percentage points to 6.38 percent, the highest level in three weeks.
The higher interest rate environment is dampening demand for new mortgages, down 3.3 percent.
The interest rate statistics in the USA are compiled weekly since 1990 and are collected by the industry organization Mortgage Bankers Association (MBA) from actors on the mortgage market. The survey covers mortgage actors who together receive more than three-quarters of all mortgage applications in the USA.
