
AI-generated summary
Mortgage interest rates have reached the highest level since November 2023. This situation suppresses demand in the housing market by increasing borrowing costs.
Mortgage Banks Association (MBA) in the USA announced mortgage application data for the week ending September 25.
Accordingly, mortgage applications decreased by 6 percent last week compared to the previous week.
In this period, according to seasonally adjusted data, mortgage applications for purchasing a house decreased by 4 percent and refinancing applications decreased by 9 percent.
The average interest rate for a 30-year mortgage in the country increased from 7.12 percent to 7.3 percent last week.
During the same period, the average interest rate for a 15-year mortgage increased from 6.43 percent to 6.56 percent.
MBA Vice President Joel Kan stated that mortgage interest rates have risen to the highest level in about 3 years, causing those who want to borrow money to wait.
Noting that the average interest rate has reached its highest level since November 2023 for a 30-year mortgage, Kan stated that mortgage applications have decreased due to the recent rapid increase in interest rates.

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