The average contractual interest rate for 30-year fixed-rate mortgages rose to 7.12% last week from 6.97%, reaching its highest level since 2024, according to data from the Mortgage Bankers Association (MBA). As a result, the total volume of mortgage applications decreased by 1.5% from the previous week. The proportion of borrowers opting for adjustable-rate mortgages (ARMs) in search of lower rates increased to 9.8%, up from 8.4% the prior week.