Get Quartz in your inbox

Free daily briefing on global business news.

Mortgage rates just hit a near 3-year high, sending demand down 6%

The average 30-year fixed rate climbed to 7.30% last week, pushing refinance applications down 9% and purchase applications down 4%

Phillip Spears / Getty Images

The U.S. mortgage market recorded its sixth consecutive week of rising rates, with the 30-year fixed-rate mortgage averaging 7.30% — a peak not seen since November 2023 — enough to pull total application volume 6% lower, per the Mortgage Bankers Association's seasonally adjusted index.

For conforming loan balances at or below $832,750, the average contract rate on 30-year fixed mortgages climbed from 7.12% the week before, while associated........

© Quartz