Mortgage rates climbed to 6.54% for a 30-year fixed loan in the week ending Oct. 24—which is the highest it’s been in roughly two months.
Mortgage applications for home purchases continued to decline in the face of higher rates. Yet, they remained above last year’s pace for the fifth straight week, which indicates persistent improvement in homebuyer demand.
Higher than expected rates also continue to suppress the resale market, with existing-home sales falling to a 14-year low. Inventory also continues to rise and hit a four-year high in September. However, demand was still solid enough to support a home price gain of 3% over the past year.
Two Realtor.com® reports were released this week. One revealed the average down payment was 14.5% in the third quarter of 2024. The other named Canton, OH, the No. 1 housing market for that same time period.