US 30-year fixed mortgage rates rose to 6.66% according to Freddie Mac’s latest survey published August 27, marking the first increase in three weeks. The 15-year fixed rate also climbed to 5.98%. This uptick comes amid declining mortgage applications and a sharp drop in refinancing demand. The lock-in effect persists: homeowners with sub-3% mortgages have little financial incentive to sell, keeping supply tight and the market in a holding pattern. This situation has cascading effects across the real estate sector, from agents to inspectors and title companies.
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