A sharp reversal in mortgage rates has taken U.S. homebuyers by surprise, leading to the largest drop in weekly mortgage applications since mid-August.
The sudden uptick in rates adds pressure to an already challenging housing market, where affordability and supply are becoming increasingly elusive for prospective buyers.
Mortgage Rates Climb To Highest Levels Since August
The average interest rate for a 30-year fixed-rate mortgage on conforming loans (under $766,550) jumped 22 basis points to 6.36% in the week ending Oct. 4, according to the latest Mortgage Bankers Association (MBA) report.
This marks the highest level since August and represents the largest...
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