Like most retailers, real estate agents and homebuilders are on a big sales push this Columbus Day weekend. For the housing market, it is something of a last hurrah before potential buyers head back inside for the winter. That is why even the small interest rate move higher this week is top of mind this weekend.
Mortgage application volume surged a week ago, when a disappointing employment report sent mortgage rates down to their lowest level in months. The stock market, however, bounced back this week, which turned interest rates around yet again. Mortgage rates are now slightly higher than a week ago.
"At this point, every single day this week has seen rates either fail to improve or simply move higher. By contrast, last week saw rates fall on five out of five days," wrote Matthew Graham, chief operating officer of Mortgage News Daily.