The average long-term US mortgage rate has risen to 6.93%, the highest since July, reflecting increased costs in home loans due to climbing Treasury yields.
The rise in the benchmark 30-year fixed rate loan rate marks the fourth consecutive week of increases, highlighting the ongoing challenges in the housing market.
Elevated mortgage rates combined with rising home prices have made homeownership unattainable for many potential buyers, continuing the slump in the housing market.
Despite a slight rise in previously occupied home sales, the housing market is projected to have its worst year since 1995 due to persistently high rates.
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