Mortgage rates experienced a significant increase of 60 basis points in October, causing a notable impact on the mortgage industry landscape. The surge in rates has notably stifled mortgage demand, especially in the realm of refinancings, where borrowers are reconsidering their options amidst the higher costs associated with borrowing.
Key points:
– Mortgage rates saw a 60 basis point increase in October
– The spike in rates has led to a decrease in mortgage demand
– Refinancings have been particularly affected by the rise in rates, as borrowers are facing higher costs for mortgage borrowing.
You can read this full article at: https://www.housingwire.com/articles/that-refi-mini-boom-appears-all-but-dead-as-mortgage-rates-surge/(subscription required)
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