Mortgage rates climbed for the fourth time in five weeks to reach their highest levels si♔nce July.

The Mortgage Brokers Association reported that the 30-year, fixed-rate mortgage i🌠ncreased to 6.73% for the week ending Oct. 25. Since hitting a recent low in September, mortgage rates have increased by nearly 0.6 percentage p𓄧oints.

The rise in borrowing costs comes as Treasury yields hit their hiꦫghest levels since July, with the 10-year Treasury note pushing above 4.2% in recent days.  The 10-year Treasury is one of the 澳洲幸运5官方开奖结果体彩网:major factors that i♈nfluen🦩ce mortgage rates.

Mortgage Demand is Depressed as Rates Rise

Because of interest rate increases, mortgage demand remained relatively flat, as the volume of mortgage applications 澳🌠洲幸♒运5官方开奖结果体彩网:decreased marginally from the prior week amid the rise in 澳洲幸运5官方开奖结果体彩网:mortgage rates. 

However, the recent spike in borrowing costs is creating a reversal in recent home loan trends; refinancing activity is declining after 澳洲幸运5官方开奖结果体彩网:surging in the summer. Refinancing fell by 6% when compared with the prior week’s totals, though it ♒is still far higher than a year ago when mortgage r❀ates were even higher. 

Meanwhile, purchasing activity remained elevated, coming in 4% higher than last week’s figures and was 10% better than the same 🎶period last year.

The increase in purchase activity comes as more houses are listed for sale. A recent study by Realtor.com showed that the number of 澳洲幸运5官方开奖结果体彩网:home listings was up more than 11% to hit a three-year high. 

“We continue to exꦜpect housing demand from younger homebuyers to support purchase growth over the next few years as for-sale inventory loosens gradually,” said Joel Kan, MBA vice presidenꦦt and deputy chief economist.