After hitting a 16-month low of 6.11% in early September, the average 30-year fixed mortgage rate reached 6.62% on Tuesday, potentially dampening refinancing activity.
JBREC states that a mortgage rate below 5.5% is necessary to unlock the housing market, with only 13% of homeowners willing to accept rates above 6.5%.
Only 13% of homeowners surveyed by JBREC indicated they would accept a mortgage rate between 6.5% and 6.99%, while 47% preferred rates between 5.0% and 5.5%.
The latest employment reports showed the U.S. unemployment rate falling from 4.3% in July to 4.1% in September 2024, which eased fears of a labor market slowdown.
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