US Mortgage Rates Surge to Highest Level Since July

The average 30-year fixed mortgage rate has climbed to 6.73%, driven by economic factors and election uncertainties.

The 30-year fixed mortgage rate has increased for the fourth time in five weeks, reaching 6.73%, its highest since July.
Rising Treasury yields, closely linked to mortgage rates, have contributed to the increase in borrowing costs.
Refinancing activity has dropped by 6% from the previous week, while purchase applications have increased by 5%.
Economic data showing robust job growth and consumer spending has tempered expectations for further Federal Reserve rate cuts.
Speculation over the upcoming presidential election, particularly a potential Trump victory, is adding volatility to market expectations.