- US mortgage rates advanced for a seventh straight week, hitting their highest level since 2023.
- The climb in borrowing costs tracks surging Treasury yields, elevated energy prices, and anticipated Fed tightening.
- Rising mortgage costs pressure housing affordability as the rate-sensitive 30-year benchmark resets higher.
Quotes
“Benchmark borrowing costs continue to climb against backdrop of surging Treasury yields, elevated energy prices and expected tightening by Fed”