Mortgage Rates Climb as Demand Hits Lowest Since July

Despite recent Federal Reserve rate cuts, mortgage rates rise, leading to a significant drop in application volume.

The average 30-year fixed mortgage rate has increased to 6.89%, the highest since August, with similar rises across other loan types.
A 6.7% drop in mortgage applications has been reported, marking the lowest demand since July.
Refinance applications have plummeted, showing a 90% decrease compared to the same period last year.
An increase in housing inventory and easing home-price growth provide more options for buyers, despite higher rates.
The Federal Reserve's recent half-point rate cut has not yet resulted in lower mortgage rates, with further cuts anticipated.