A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022.
The 7.9% average contract rate for a 30-year fixed-rate mortgage during the week ended Oct. 20 was up 20 basis points from the prior week, the Mortgage Bankers Association said.
"Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995," MBA vice president and deputy chief economist Joel Kan said.
"These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity."
The 30-year fixed rate mortgage is up 81 basis points since then, tracking a similar rise in the yield on the 10-year Treasury note, the main benchmark for longer-term U.S. borrowing rates.
Persons:
Sarah Silbiger, Joel Kan, Ann Saphir, Toby Chopra
Organizations:
REUTERS, Mortgage Bankers Association, Federal Reserve, Thomson
Locations:
Washington , U.S, U.S