U.S. Mortgage Rates Rise for Fourth Week in Row

Mortgage rates in the United States saw their biggest increase in about a year last week, reaching their their highest level since July 2020, amid a surge in U.S. Treasury bond yields, Reuters reported.

The contract rate on a 30-year fixed-rate mortgage leveled up by 0.15% to 3.23% in the week that ended on February 26, according to data by the Mortgage Bankers Association (MBA) released on Wednesday.

This is the biggest weekly increase in mortgage rates since March of last year.

It was also the fourth consecutive weekly rise in mortgage rates.

Meanwhile, the weekly index of mortgage applications grew by 0.5% to 794.5, recording its first increase in a month.