Mortgage Rates Surge, Hurting Spring Homebuyers
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
U.S. mortgage rates surge to highest point in six months, impacting homebuyers during peak season. Thirty-year fixed rates jump to 6.38%, up from 6.22% last week, with fifteen-year rates also rising. The increase means higher loan payments, causing a drop in mortgage applications. The surge is attributed to a rising ten-year Treasury yield, fueled by oil prices and inflation concerns, despite the Federal Reserve keeping short-term rates steady. The housing market continues to slump, with many sidelined due to wages not keeping pace with prices.
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