US Mortgage Rates Pushing Past 7% Signal Tough Road Ahead
- ‘All signs’ point to more expensive costs, economist says
- MBA measure of 30-year mortgage rate in US hit 7.09%
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US homebuyers contending with the highest borrowing costs in eight months are seeing mortgage rates rise past a psychological barrier that risks complicating purchase decisions even more.
Rates for 30-year loans have crossed 7%, a key level that may keep the housing market in the doldrums for some time to come. And with US economic strength signaling that policymakers may move carefully with any interest-rate cuts, it’s unclear whether buyers will get substantial help soon.