The average interest rate for a 30-year mortgage rose to 7.24 percent, the highest level since November last year.

The Mortgage Bankers Association (MBA) announced mortgage data for the week ending April 19. Accordingly, mortgage applications decreased by 2.7 percent last week compared to the previous week.

In this period, applications for home purchase fell 1 percent and refinancing applications fell 6 percent. The average interest rate for a 30-year mortgage in the country increased from 7.13 percent to 7.24 percent last week.

In the same period, the average interest rate for a 15-year mortgage rose from 6.64 percent to 6.75 percent.

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MBA Vice President Joel Kan noted that the 30-year mortgage interest rate has risen to the highest level since November 2023, noting that the rise in mortgage rates has restricted application activity.