U.S. Mortgage Rates Rise to Highest Level Since August

Average rates on 30-year fixed mortgages rose last week to the highest level recorded since August. The increase coincided with lower home-purchase activity and a sharp reduction in refinancing applications.

Data released this week showed the weekly average for the 30-year fixed mortgage climbed above the prior week's reading. The same data indicated that applications to refinance existing loans fell sharply during the period. Purchase applications also declined, though by a smaller margin than refinancing requests.

Mortgage rates have fluctuated since the start of the year, with weekly averages moving both higher and lower in recent months. The latest reading marks the highest weekly average since the final week of August. No further weekly data were included in the report.