Mortgage rates just hit their highest level in nearly three years. First-time homebuyers are feeling it most, and that shift is opening a door for three housing stocks built around affordability.
According to the Mortgage Bankers Association (MBA), applications fell 4.2% in the week ended Oct. 2. The average 30-year conforming rate jumped to 7.49% from 7.30%, and points rose to 0.84 from 0.75. Refinance applications fell the most, down 8%. Purchase demand slipped too, with the seasonally adjusted Purchase Index down 2%.
