The average rate for a benchmark 30-year mortgage ticked up, not down, 12 basis points (0.12 percentage point) over the past week to 6.39 percent.
As such, the average 30-year rate is now 128 basis points, or 25 percent, higher than at the same time last year and 374 basis points, or over 140 percent, higher than its all-time low of 2.65 percent in early 2021.
At the same time, home buying activity has dropped, with pending home sales in San Francisco proper down 45 percent, year-over-year; employment has started to slip; and the odds of an easing by the Fed over the next quarter are have dropped to under 5 percent, with a 75 percent chance of a rate hike by the end of July.