Mortgage rates surged to 6.44% for a 30-year fixed loan in the week ending Oct. 17—the highest in roughly two months.
In the face of these elevated rates, the number of applications for home purchases went down this week. However, they still remained above the previous year’s pace, which indicates some improvement in homebuyer demand.
Meanwhile, the latest jobs and inflation reports continue to underscore the resilience of the U.S. economy. Retail sales ticked up, highlighting the willingness of consumers to spend, while jobless claims remained low, pointing to favorable conditions for workers.
In the for-sale housing market, activity remained steady: Home prices were flat after 16 weeks of mild declines, and time on the market and active listings were very similar to last week’s. The number of new listings saw a surprising dip, but it seems likely that Hurricane Milton disrupted new listing activity in many areas.
Finally, as Election Day nears and voting gets underway, a Realtor.com® survey found that politics influence where nearly a quarter of U.S. adults choose to live. Furthermore, as candidates attempt to sway voter opinions, a recent Realtor.com analysis found the movement of people from state to state is likely to play a role in the 2024 presidential race.
In fact, 31 states—including five crucial swing states—are likely to shift redder or bluer due to more people moving across state lines. Their voting habits might have the potential to sway election outcomes.