Benchmark mortgage rate hits 14-month high as bond yields keep rising
Summary
The average 30-year fixed mortgage rate in the U.S. reached 6.76% this week, the highest in 14 months. This increase is linked to rising global bond yields, which influence mortgage rates.Key Facts
- The 30-year fixed mortgage rate rose to 6.76% this week.
- This is the highest mortgage rate since late June of the previous year.
- The rate increased from 6.71% one week earlier.
- Rising global bond yields are a main reason for higher mortgage rates.
- Freddie Mac, a government-backed company, reported these numbers on Thursday.
- Mortgage rates affect how much people pay monthly when buying homes.
- Higher mortgage rates can make home loans more expensive.
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