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30-year fixed mortgage rate tops 7% for the first time in over a year
cnbc.com • • business
Key Points:
- The average rate on the 30-year fixed mortgage surpassed 7% for the first time since May 2025, reaching 7.07%, marking a 10 basis point increase from the previous day.
- Mortgage rates are influenced by the U.S. 10-year Treasury yield, which rose due to surging oil prices, despite inflation data aligning with expectations.
- Rising mortgage rates have been linked to geopolitical tensions, notably the Iran war, with rates climbing from a low of 5.99% before the conflict began.
- For a median-priced $430,000 home with a 20% down payment, monthly principal and interest payments are now $244 higher than they were at the end of February.
- U.S. homebuilder stocks declined following a report showing falling existing home sales and rising home prices, despite increased housing supply.
