Mortgage Rates Jump to 6.73%, Refinancing Hits New Low

Mortgage rates in the U.S. have risen to 6.73%, marking the highest level since late July, according to Mortgage Bankers Association (MBA) data released on Wednesday, Oct. 30. The rate on a 30-year fixed mortgage increased by 21 basis points in the week ending Oct. 25, leading to a fifth consecutive decline in refinancing applications.

Over the past month, mortgage rates have surged by nearly 60 basis points, the largest increase since March 2023. Although the index of home purchases saw a slight rise for the first time in four weeks, higher rates and elevated home prices dampen prospects for a housing market rebound.

Mortgage rates typically track U.S. Treasury yields, which have climbed recently amid signs of economic growth and uncertainty about future interest rate cuts by the Federal Reserve.

For more information, read the full article on Bloomberg.