Refinancing Activity Slows as Mortgage Rates Jump to 3-Month High

Prospective homebuyers are still searching the U.S. real estate market as affordability conditions improve.

A home for sale in Elkridge, Md., on Sept. 27, 2024. Madalina Vasiliu/The Epoch Times

Interest rates are at their highest levels since late December, leading to slower mortgage market activity, according to new industry data released on Wednesday.

For the week ending March 18, the average contract rate on 30-year fixed-rate mortgages rose to 6.3 percent, according to the Mortgage Bankers Association. This is up from 6.19 percent the previous week.