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The average rate on a 30-year mortgage has surpassed 7% for the first time in 20 months, currently at 7.03%. This rise is linked to increasing Treasury yields and inflation concerns, which have led the Federal Reserve to raise interest rates. Experts warn that higher mortgage rates may reduce housing affordability and impact home construction.
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The average rate on a 30-year mortgage has surpassed 7% for the first time in 20 months, currently at 7.03%. This rise is linked to increasing Treasury yields and inflation concerns, which have led the Federal Reserve to raise interest rates. Experts warn that higher mortgage rates may reduce housing affordability and impact home construction.
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High mortgage rates compound housing affordability challenges
Average 30-Year Mortgage Rate Exceeds 7%, Impacting Housing Affordability