US Mortgage Rates Surge, Housing Market Suffers
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
US mortgage rates surge to highest level since August, climbing for a fourth straight week to 6.57% on the average thirty-year fixed loan. This sharp increase, tied to rising US Treasury yields due to Iran war concerns and potential inflation spikes, is causing a significant drop in home purchase and refinancing applications, marking the biggest surge since 2024. The MBA survey, covering over 75% of US mortgage apps, suggests more market turmoil unless yields decrease soon.
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