Mortgage rates are back in the danger zone, crossing the 7% threshold
If the housing market was a dumpster fire, someone just dumped a few gallons of gasoline on it.
It has been over a year since we saw numbers this high, and apparently, the economy decided we missed the pain. Thanks to a nasty cocktail of Oil price spikes and some shaky bond market drama, the average 30-year mortgage hit 7.07%.
Basically, every time the world gets chaotic—like the ongoing mess in Iran—the bond market throws a tantrum. Since the U.S. Treasury is tied to these rates, your dreams of buying a starter home are currently being held hostage by global energy costs and lukewarm economic data. Scott Bessent and the treasury team are trying to patch the holes, but it feels like using a band-aid on a broken leg.
The dream of affordable homeownership is now officially an antique.
Source: Mortgage News Daily
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