U.S. Mortgage Rates Jump Above 7% for the First Time This Year

Mortgage Rates Rise Above 7 Percent #

Mortgage rates have crossed a concerning threshold, rising above 7 percent for the first time this year. This increase could potentially deter millions of home buyers and sellers from participating in the slowing U.S. housing market. The average rate on 30-year mortgages reached 7.1 percent, the highest since November. Higher rates make homeownership more expensive, leading potential sellers to keep their houses off the market, which pushes prices up. With sales of existing homes falling, the future impact of increasing rates on home buyers remains uncertain.