Mortgage Rates Spike in Biggest Move Since April

Prospective homebuyers hoping for a drop in mortgage rates received disappointing news this week.

Transcript

00:00Perspective homebuyers hoping for a drop in mortgage rates received some

00:04disappointing news this week. According to Freddie Mac, the average rate for a

00:08standard 30-year fixed mortgage climbed to 6.32 percent for the week ending

00:14October 10th. This marks the largest one-week increase in mortgage rates

00:18since April and the second consecutive week of rising rates after hitting a

00:22two-year low last month. After a period of steady declines this spring, many were

00:28optimistic following the Federal Reserve's rate cut last month. However, a

00:33stronger-than-expected jobs report last week caused bond yields to surge, which

00:37in turn has pushed mortgage rates higher as mortgage rates typically track the

00:42benchmark 10-year Treasury yield.