Mortgage rates rise for seventh straight week, squeezing homebuyers
Mortgage rates in the United States have climbed for the seventh consecutive week, reaching 7.4% for a 30-year fixed loan. The rise is driven by increasing 10-year Treasury yields, inflation expectations, and fiscal deficit concerns, which are cooling the housing market.
Why it matters
Rising mortgage rates significantly impact housing affordability and market liquidity, potentially slowing down the broader US economy.
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.
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