Rates tracked a surge in 10-year Treasury yields, which approached 4% earlier this week.
The declines in home prices have been steepest in the most unaffordable locations, especially on the West Coast.
Listings are lingering longer because demand has collapsed.
This year's rapid rise in borrowing costs has slammed the brakes on the US housing market.
Rising rates have squeezed housing affordability as the slowdown deepens.
Investors who helped propel U.S. home prices to record levels are pulling back.
The monthly bill on a typical single-family home with a 20% down payment jumped to $1,841 in the second quarter.
The dropping rates gave borrowers a reprieve after this year's surge.
Would-be home buyers, priced out by fast-rising mortgage rates, are sliding back into the rental market.
Real estate experts say that a strategic waiting game might be the best plan for buyers.
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