Mortgage rates surge over the week

What effects will a cooling housing market have on the economy?

"The more affordable interior markets - which have not yet experienced a slowdown home price growth - may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher", Khater added. Last week, they averaged 5.11 percent.

USA mortgage loan application dropped 4 percent from one week earlier, the Mortgage Bankers Association (MBA) said in a survey on Wednesday.

Homebuilders took a beating Thursday as rising interest rates and home prices discourage potential buyers. The survey's 30-year fixed-rate, at 5.15 percent, was the highest since April 2010. Federal Reserve Chairman Jerome Powell has been raising the benchmark borrowing rate to curb inflation and prevent an expanding economy from overheating.

The Fed in September raised the fed funds rate for the third time this year, citing the strong labor market and healthy spending by consumers and businesses.

USA borrowers filed the fewest applications to buy a home and to refinance one in almost four years last week as some 30-year mortgage rates increased to their highest levels in about 8-1/2 years, the Mortgage Bankers Association said on Wednesday.

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Freddie Mac says home price increases are slowing as a result, particularly in higher-priced coastal cities. Sales of existing homes have fallen for six straight months, and sales of newly built homes have declined for four months. A year ago the 10-year note yielded 2.32%.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

The average fee on 30-year fixed-rate mortgages was unchanged from last week at 0.5 points.

Mortgage loan rates for top-tier borrowers increased last week from a prior week's ending value of 4.94% to 5.04% for a 30-year fixed-rate loan, according to Mortgage News Daily.

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