Mortgage rates climbed again after briefly dipping below ~6% about a month earlier, but they still remained below yearly-ago levels, offering some affordability relief.
Demand signals softened. Purchase applications ↑1% yearly in the latest week but ↓3% MoM, losing the double-digit yearly gains seen earlier this year.
The avg. 30-yr fixed mortgage reached ~6.5% in the current week, up from the prior week but still below the comparable level a year earlier.
Government-backed loan applications held up better than conventional buyer applications, but an economist said the recent rate jump and broader economic uncertainty hurt buyer confidence.
Another expert said mortgage-rate swings are normal and urged buyers to work closely with a mortgage broker who can track changing borrowing costs.
On a $300K, 30-yr fixed mortgage, the gap between ~6% last month and ~6.5% this week meant ~+$90 in monthly payments.
Economists urged rate-sensitive buyers to comparison shop during the current sp