Mortgage Rates Rise to a Monthly High, Impacting Homebuyer Activity
The average rate for 30-year fixed-rate mortgages increased slightly to 6.45%, leading to reduced mortgage applications and affecting affordability in the housing market. Purchase application volume dropped by 4% week-over-week while refinance demand fell by 5%. First-time buyers are particularly impacted due to higher rates.
Topics: home buying housing market mortgage rates refinancing