Reported about 1 month ago
US mortgage rates have surged for the second consecutive week, reaching 6.52%, the highest since early August. This increase has resulted in a significant decline in both home purchase and refinance activity, with a 7.2% drop in home purchases and a 26% decline in refinancing applications. The rise in rates, driven by strong job growth and persistent inflation, has dashed hopes for a quick recovery in the housing market, which is already struggling with high borrowing costs.
Source: YAHOO