Surging Mortgage Rates

Mortgage Rates Surge to 7.58% Amid Rising Treasury Yields

Mortgage rates have hit a record high of 7.58%, reaching a new 3-year high as Treasury yields continue to rise. The average 30-year fixed-rate mortgage rate hit 7.57%, marking the highest level since November 2023. This could potentially impact home sales ahead of the market's typical winter slowdown. The 10-year Treasury yield (^TNX), which tracks mortgage rates closely, was up around 4 basis points to 5.28% as of midday. Mortgage rates have been rising since Aug. 26 and have continued to rise amid rising bond markets due to investor concerns about rising yields.

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