The average rate on the 30-year-fixed mortgage has increased to 6.53%, which is 42 basis points higher than prior cuts by the Federal Reserve.
"The only salvation here would be the notion that this is just one jobs report in a recent run that's been mostly weaker..." said Matthew Graham.
Michael Fratantoni stated, "This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months."
Today's homebuyers are highly sensitive to rate moves, due to continuously rising home prices and low inventory levels, keeping prices elevated.
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