US mortgage rates rise slightly with refinancing applications up

U.S. mortgage interest rates saw slight changes last week as applications for refinancing increased, even though home purchase applications dipped.

The average interest rate for 30-year mortgages in the U.S. edged up from 6.84% to 6.88% during the week ending June 20, according to the Mortgage Bankers Association (MBA). While applications for home purchases declined by 0.4%, refinancing requests rose by 3%. Meanwhile, the average rate for 15-year mortgages decreased slightly from 6.14% to 6.11%.

MBA Vice President Joel Kan attributed these shifts to falling bond yields influenced by Middle East conflicts, economic conditions, and last week's Federal Reserve meeting. Despite a minor rise in mortgage rates, they stayed within a narrow range, with overall applications rising modestly, largely driven by refinancing activity.

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