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Mortgage rates are once again making headlines, and this latest move is significant enough that both buyers and sellers should pay attention.
According to Mortgage Bankers Association data reported on October 7, the average rate on a 30-year fixed mortgage rose to 7.49% for the week ending October 2, up 19 basis points and reaching its highest level since November 2023. Mortgage applications also declined 4.2% as borrowing costs increased.
Just days earlier, Freddie Mac had reported its 30-year average jumping from 7.03% to 7.28% its largest weekly increase in four years.
For buyers and sellers here in the Capital District, numbers like these matter. But a rising mortgage rate does not automatically mean...
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