Mortgage Rates Undergo One of the Biggest Single-Day Jumps: Report

If rates were to continue climbing, it could negatively affect the housing market that is already seeing low levels of activity.

A home is advertised for sale in New York City on March 31, 2021. Spencer Platt/Getty Images

Mortgage rates jumped by more than 0.25 percent on Oct. 4 after a government report showed that the labor market continued to remain strong.

The average 30-year fixed-rate mortgage rate jumped by 27 percentage points, to 6.53 percent from 6.26 percent, on Oct. 4, according to data from the Mortgage News Daily mortgage rate index that is updated on a daily basis. This is one of the biggest single-day rate increases that the index has ever tracked.