The national median monthly payment for home loan applications rose to $2,256 in April, 2.5% higher month-over-month and 6.8% higher than a year earlier.
The average rate on a 30-year mortgage increased to 7.03% from 6.94% last week, limiting home buyers' purchasing options with hundreds of dollars in added costs.
15-year fixed-rate mortgages also rose to 6.36% from 6.24%, influenced by bond market reactions and Treasury yields.
The Federal Reserve's high interest rate policy aims to control inflation, with no plans to cut rates until price increases slow sustainably to the 2% target.
[
add
]
[
|
|
...
]