Mortgage rates surged Friday, moving higher by .20 bps to 6.19% after Friday's higher-than-expected jobs number, which showed more than a half-million hirings.
This spike offset a steady decline in rates over the past four weeks when home sellers seized their opportunities to come off the sidelines with new listings and pending sales both posting their smallest drops in four months that week prior, according to Redfin.
Prior to the surge, homebuyers holding a $2,500 monthly budget could afford a $400,000 home for the first time in four months as mortgage rates dip below 6% to 5.99%.
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