Rising Mortgage Rates Dampen Housing Demand

Mortgage rates have increased for the sixth consecutive week, with the average 30-year fixed mortgage rate rising to 6.79%, impacting purchase demand in the housing market. This trend has led to a 10% decline in purchase applications over the past month, as many potential buyers and sellers await lower rates. Currently, about 80% of mortgage holders have rates below 5%, according to a Zillow survey.