Mortgage demand falls as rates surge to the highest level since October 2022

The numbers: Mortgage rates rose for the third week in a row to their highest level since October 2022, as the U.S. economy shows signs of resilience. 

Rates surged on the back of mixed data on inflation and a strong labor market, which signal to the market that the U.S. Federal Reserve may not be done with rate hikes.

The 30-year was averaging…