This week, the average long-term US mortgage rate rose to 6.77%, marking its highest level in 10 weeks. This increase is attributed to hotter than expected Consumer Price Index (CPI) and Producer Price Index (PPI) figures, which have led to a surge in bond yields. Specifically, the 5-year yield is up by 9 basis points to 4.31%, the 10-year yield by 8 basis points to 4.32%, and the 30-year yield by 4 basis points to 4.46%. As a result, mortgage rates have climbed, significantly impacting prospective homebuyers ahead of the spring homebuying season. The higher rates mean that the typical homebuyer must now pay $700 more per month than if they had purchased a home two years ago. This surge in mortgage rates is causing homebuyers to retreat from the housing market, dampening hopes of the Federal Reserve cutting rates by the spring buying season amidst persistent inflation.
Mortgage rates surged this week with homebuyers retreating from the housing market — taking with them hopes of the Fed cutting rates by the spring buying season as inflation remains higher than expected. https://t.co/j6oAiVzlPl https://t.co/Eg02tYAebI
Mortgage rates reach their highest level in 10 WEEKS - typical homebuyer must now pay $700 a MONTH more than if they bought two years ago https://t.co/bTV4qx114V https://t.co/J60xmHbtR3
After hotter than expected CPI and PPI, bond yields are ripping: 5Y at 4.31%, up 9 bps 10Y at 4.32%, up 8 bps 30Y at 4.46%, up 4 bps Mortgage rates going higher
The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. https://t.co/3HesDN5vwz
FROM THE AP: Long-term US mortgage rate hits its highest level in 10 weeks https://t.co/qz2CrsABip #RealEstate #Homebuying #Homebuyers @marealtors @gbarealtors #HousingMarket #Mortgage #Refinance
Average long-term US mortgage rate rose this week to 6.77%, highest level in 10 weeks https://t.co/UF6YaCJIhe https://t.co/ErgMWFNJtc