Mortgage rates in the U.S. have surged for the third consecutive week, reaching their highest levels in eight weeks. The average rate on a 30-year mortgage increased to 6.52%, prompting a notable decline in mortgage applications, which fell by 17%. With potential buyers feeling the pressure of rising rates, many are becoming increasingly cautious about entering the housing market. The consistent increase in mortgage rates, attributed to stronger economic data, has left home buyers disappointed and uncertain about future market conditions.