Mortgage rates rise for seventh straight week, squeezing homebuyers - Fox Business
Average 30-year mortgage rates have climbed to 7.4%, marking the seventh consecutive week of increases. Economists attribute this rise to inflation expectations and a broader bond market selloff.
Why it matters
Rising mortgage rates are significantly impacting housing affordability and cooling the real estate market, forcing potential buyers to reconsider their purchasing power.
Mortgage rates rose for the seventh straight week, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 7.4% from last week's reading of 7.28%. The average rate on a 30-year loan was 6.3% a year ago. BABY BOOMERS ARE POISED TO UNLEASH MILLIONS OF HOMES — BUT THERE'S A CATCH FOR FIRST-TIME BUYERS "This increase comes amid continued upward pressure from the 10-year Treasury yield, which averaged 5.28% this week, 9 basis points higher than the week before," said Realtor.com senior economist Joel Berner. "A wicked brew of inflation expectations, a broad bond market selloff, and rising fiscal deficits requiring new debt issuance is pushing bond yields higher, and mortgage rates are following."
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