The average United States 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity.

According to Mortgage Bankers Association data, the contract rate on a 30-year mortgage climbed 5 basis points to 6.72 per cent in the week ended March 14 from the lowest level this year.

A sustained decline in mortgage rates would provide a much-needed boost for the housing market as affordability remains constrained by still-elevated prices.

Source from: bnnbloomberg