Mortgage Rates Climb to Four-Month High, Impacting Demand

Rising interest rates lead to a significant drop in mortgage applications, with both purchase and refinance markets affected.

30-year mortgage rates have increased to an average of 6.91%, the highest since early July.
Refinance rates for 30-year mortgages have slightly decreased to 7.07%, following a recent peak.
Total mortgage application volume has dropped by 10.8% compared to the previous week.
The Federal Reserve's monetary policy and bond market trends are key factors influencing rate fluctuations.
The Fed's upcoming rate announcement on November 7 is anticipated to affect future mortgage rate trends.