[30-Year Fixed Mortgage Rate in the U.S. Soars to 7.3%, Rising for Six Consecutive Weeks to Hit a New High Since November 2023] The seasonally adjusted index from the Mortgage Bankers Association (MBA) shows a 6% weekly decline in mortgage demand. Last week, the average contract interest rate for 30-year fixed-rate mortgages meeting standard loan balance requirements (not exceeding $832,750) rose from 7.12% to 7.30%. For loans with a 20% down payment, the loan points, including origination fees, increased from 0.73 to 0.75. Refinancing demand was hit the hardest, as very few borrowers could benefit under the current higher interest rate environment. Housing loan refinancing applications dropped by 9% for the week and were down 56% compared to the same period last year. The share of refinancing in total mortgage activity fell from 39.3% the previous week to 38.3%.