Reported 1 day ago
The average rate on a 30-year mortgage in the U.S. has increased to 6.85%, the highest it has been since mid-July, due to rising bond yields. This marks the second consecutive week of rate hikes, with the rate rising from 6.72% last week. Economists predict mortgage rates will remain above 6% next year, impacting home affordability and contributing to a sluggish housing market. As mortgage rates are influenced by the yield on U.S. Treasury bonds and Federal Reserve policies, fluctuations in inflation and national debt are potential factors for future rate increases.
Source: YAHOO