Posted 4/10/2024, 11:00:00 AM
Mortgage Rates Hit One-Month High as Demand Softens, Testing Housing Momentum
- US 30-year fixed mortgage rates rose to 7.01% last week, the highest in a month
- The increase in rates weakened demand, with purchase applications falling 4.7% to a one-month low
- Home sales have shown some momentum as buyers get used to higher rates
- Mortgage refinancing activity jumped, lifting an overall index of applications
- The data comes ahead of a key inflation report that will help the Fed gauge whether to adjust interest rates
