The average rate on a 30-year mortgage in the U.S. rose to 6.85%, its highest since July, due to climbing bond yields which influence mortgage pricing.
Most economists predict the 30-year mortgage rate will stay above 6% next year, potentially peaking at 6.8%, in line with the current year's trends.
Increased mortgage rates and rising home prices have hindered homeownership, making it difficult for many potential buyers despite slight increases in previously occupied home sales.
The Federal Reserve's signals regarding fewer rate cuts have driven up bond yields, influencing mortgage rates, with the upcoming political policies adding uncertainty.
Collection
[
|
...
]