US Mortgage Rates Jump to 6.7%, Hitting Highest Level Since 2007
- Higher borrowing costs are cooling off the housing market
- Buyers hunting for affordable properties are getting squeezed
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Mortgage rates surged to the highest level since 2007, with higher borrowing costs turning the screws even tighter on the quickly cooling US housing market.
The average for a 30-year, fixed loan was 6.7%, up from 6.29% last week, Freddie Mac said in a statement Thursday. Rates tracked a surge in 10-year Treasury yields, which approached 4% earlier this week.