AI Generated Image
Mortgage Rates Hit 11-Month High
Newser • • business
Key Points:
- Mortgage rates have been rising this year, influenced by the Federal Reserve's interest rate policies and bond market expectations, particularly following the increase in crude oil prices due to the Iran war.
- The 10-year Treasury yield, a key benchmark for mortgage rates, rose to 4.57% from 3.97% in late February, pushing mortgage rates higher.
- The average rate on a 30-year mortgage reached its highest level since August 28, at 6.56%, after briefly falling below 6% in late February.
- Rates on 15-year fixed-rate mortgages also increased, rising to 5.93% this week from 5.82% last week, similar to levels seen a year ago.
- Despite a slowdown in sales of previously owned homes last month, home prices hit a record high according to one measure.
