Mortgage Rates Near 8%, Slowing Home Sales But New Construction Rises

Mortgage rates nearing 8%, keeping buyers sidelined and stalling purchase activity according to Freddie Mac.

30-year fixed mortgage rate increased to 7.79%, up from 7.63% last week.

New home sales jumped 12.3% in September as buyers locked in rates before further increases.

Strong Q3 economic growth may mean rates stay higher for longer, though likely no more hikes this year.

High rates and low inventory pushed existing home sales to decade low in September, but new affordable homes ticked up.