Federal Reserve microphone Nick Timiraos: Last week's American Mortgage Bankers Association survey showed that interest rates on 30-year fixed mortgages hit 7.3%, the highest level since November 2023. The number of mortgage applications for home purchases in the past four weeks dropped by more than 10% compared to the same period last year.

Federal Reserve microphone Nick Timiraos: Last week's American Mortgage Bankers Association survey showed that interest rates on 30-year fixed mortgages hit 7.3%, the highest level since November 2023. The number of mortgage applications for home purchases in the past four weeks dropped by more than 10% compared to the same period last year.