Real Estate
US Mortgage Rates Hit Highest This Year, Slowing Refinancing
Rates on five-year adjustable mortgages soared nearly 40 basis points last week.
Photographer: David Paul Morris/BloombergUS mortgage rates jumped last week to the highest level of the year, leading to a sharp pullback in refinancing activity.
The contract rate on a 30-year mortgage rose 11 basis points to 6.30% in the week ended March 13 following a similar advance at the week before, according to Mortgage Bankers Association data released Wednesday. The combined two-week move was the largest since April.