Mortgage Rates Surge, Impacting Real Estate Market

Mortgage Rates Surge, Impacting Real Estate Market

Mortgage rates have climbed for the fourth week in a row, with the average 30-year rate now at 6.93%, nearing the 7% mark. This rise, influenced by stronger economic data and increasing 10-year Treasury yields, has led to a 7% drop in mortgage applications for new purchases, although refinancing requests are up 2%. Upcoming jobs data will be crucial in shaping the future interest rate landscape. Source and details of the news

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