Mortgage rates today: 30-year fixed rate hits a three-week high as homebuyer demand weakens

Mortgage rates have edged higher, reaching their highest point in three weeks. This increase is adding pressure to the already sluggish U.S. housing market. Total mortgage application volume saw a slight decrease from the previous week. Refinancing applications dropped, and home purchase demand also weakened. Affordability pressures continue to weigh on both buyers and sellers.