US Mortgage Demand Slows as 30-Year Fixed Rate Rises to 6.78%

U.S. mortgage rates rose to their highest level in three weeks, weakening demand for home-purchase loans.

Cointelegraph reported on Aug. 26 that the average rate on a 30-year fixed mortgage in the U.S. climbed to 6.78%, the highest level in the past three weeks.

As borrowing costs increased, applications for mortgages to buy homes fell 5% from a year earlier.

Higher mortgage rates are constraining demand in the U.S. housing market. Treasury yields and the Federal Reserve's monetary policy path are also set to influence mortgage-rate moves ahead.