The 30-year fixed-rate mortgage averaged 7.08% for the week ending October 27, according to Freddie Mac, up from 6.94% a week ago and 3.14% at the same time last year.
“We’re really viewing this as a spike in mortgage rates that is pretty dramatically impacting affordability in the market, really sharply curtailing demand," Mortgage Bankers Association economist Mike Fratantoni says.
