In the USA, the average interest rate for a 30-year fixed-rate mortgage increased to 6.72% last week, marking the first rise in 9 weeks. The Mortgage Bankers Association (MBA) revealed mortgage data for the week ending March 14. According to the data, mortgage applications dropped by 6.2% last week compared to the previous week. While applications for home purchases increased by 0.1% during this period, refinancing applications decreased by 13%. The average interest rate for a 30-year mortgage in the country rose from 6.67% to 6.72% last week. Similarly, the average interest rate for a 15-year mortgage climbed from 6.04% to 6.08% during the same period. MBA Chief Economist Mike Fratantoni noted that mortgage interest rates increased for the first time in 9 weeks. Fratantoni stated that this increase resulted in a decrease in the volume of refinance applications, but highlighted that the volume of purchase applications reached its highest level in the past 6 weeks. Fratantoni expressed that the increase in housing inventory and the stable mortgage rates are supporting spring home buying activities.