New York: The average interest rate for 30-year mortgages in the US rose from 6.84% to 6.88% last week, while applications climbed 1.1%.

According to Anadolu Agency, the Mortgage Bankers Association (MBA) released mortgage data on Wednesday for the week ending June 20. The data revealed that applications for home purchases experienced a slight decline of 0.4%, while refinancing applications saw a notable increase of 3%.

The average interest rate for 30-year mortgages in the country last week rose from 6.84% to 6.88%. Meanwhile, the average interest rate for 15-year mortgages experienced a small decrease, falling from 6.14% to 6.11%.

MBA Vice President Joel Kan commented on the situation, highlighting a slight decline in bond yields influenced by conflicts in the Middle East, current economic conditions, and the impact of last week's Federal Reserve meeting. Kan pointed out that while mortgage interest rates had risen slightly, they remained within a narrow band, and the overall rise in mortgage applications was primarily driven by the increase in refinancing applications.