Rising mortgage rates have climbed back above 7% after a two-decade low, marking a significant shift for homebuyers already facing higher costs. The increase follows record-high Treasury yields, which are pushing borrowing expenses up across the economy. Experts are analyzing the potential ripple effects on housing affordability and broader financial markets. A deeper look at the economic factors driving these changes is available in the full report.
The average rate on a 30-year mortgage is back above 7% for the first time in twenty months. It's rough news for the housing market and homebuyers already struggling with rising prices elsewhere. It comes as Treasury yields, which impact borrowing costs across the economy, hit multi-decade highs. Amna Nawaz discussed more with David Wessell of the Hutchins Center on Fiscal and Monetary Policy.
