Mortgage rates rise after home sales jump in October

Published On Nov 21, 2024, 1:15 PM

Mortgage rates are climbing towards 7%, with the average 30-year fixed mortgage rate rising to 6.84% from 6.78% last week. This increase comes despite a recent boost in existing home sales, which rose 3.4% in October after a dip in mortgage rates earlier in the fall. Home sales surged when mortgage rates fell below 6.25% in September, but many buyers are now hesitant to act, waiting to see if rates will decline further.

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The increase in mortgage rates may deter potential homebuyers, limiting the growth in housing market activity. While existing home sales have increased due to a temporary dip in rates, continued pressure from rising mortgage rates could impact future sales volumes negatively.

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