The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, impacting borrowers' costs significantly.
When mortgage rates rise, they can add hundreds of dollars a month in costs, limiting affordability in a constrained housing market.
Home loan rates have been increasing due to inflation concerns, impacting borrowing costs for homebuyers and refinancers.
Mortgage rates are influenced by factors like the bond market reaction to interest rate policies and movements in the 10-year Treasury yield.
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