In Late-Q3, 30-yr mortgage rates moved back above ~7% as Treasury yields hit >20-yr highs, reshaping purchase, sale, and refinance decisions nationwide.
With the first central-bank hike in 3 yr, markets priced another ~0.5-point of tightening by Late-Q4, a setup that could keep borrowing costs elevated.
Higher borrowing costs kept pressure on a housing market that had already struggled for momentum, making purchase, sale, and refinance choices tougher for clients.
The lock-in effect remained strong, as many owners still held mortgages at ~4% or lower, reducing incentives to sell into costlier financing.
Key signals to watch: mortgage spreads, affordability readings, and existing-home sales. Those measures can show whether financing eases and more buyers reenter.
