Mortgage rates climb north of 6.5% for first time since August
Published On Oct 24, 2024, 12:07 PM
Mortgage rates have increased for the fourth week in a row, now reaching an average of 6.54% for a 30-year fixed rate mortgage, the highest since August. This rise in mortgage rates, which closely follows an uptick in Treasury yields, is contributing to a cooling housing market. Existing home sales fell to their lowest level since 2010, and both purchase and refinancing applications have seen declines. These trends suggest a challenging environment for the housing sector as we approach the seasonal slowdown.