Mortgage Rates Climb as Housing Starts Decline Slightly

Despite a recent dip in mortgage rates, housing starts fell in September, reflecting ongoing challenges in the market.

Refinance rates for 30-year mortgages rose to 6.79%, nearing recent highs and reflecting broader market trends.
The Federal Reserve's first rate cut since the pandemic has contributed to a decrease in mortgage rates, with more reductions anticipated.
Housing starts, a key indicator of new residential construction, decreased by 0.5% in September, marking one of the lowest levels since May 2020.
State-level variations in refinance rates show New York, California, and Ohio with the lowest averages, while Maryland and South Carolina have the highest.
The decline in housing starts and new home sales highlights ongoing affordability and market challenges amid fluctuating mortgage rates.