Washington:The average interest rate for a 30-year US mortgage has surged to 7.49%, marking its highest point since November 2023.

According to Anadolu Agency, the Mortgage Bankers Association (MBA) reported a 4.2% decline in mortgage applications last week compared to the previous week.

Seasonally adjusted figures indicated that applications for home purchases decreased by 2%, while refinancing applications saw an 8% drop during the same period.

Additionally, the average interest rate for a 15-year mortgage rose to 6.71% from 6.56% over the past week.