(March 26): The average US 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity.

The contract rate on a 30-year mortgage climbed five basis points to 6.72% in the week ended March 14 from the lowest level this year, according to Mortgage Bankers Association (MBA) data released on Wednesday. The rate on a 15-year fixed mortgage also rose.

A sustained decline in mortgage rates would provide a much-needed boost for the housing market as affordability remains constrained by still-elevated prices. 

MBA’s refinancing gauge declined nearly 13% after reaching the highest level since early October the previous week. An index applications for home purchases edged up 0.1%.

The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.

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