Mortgage rates rose again, hitting the highest level since last year.
The average rate on the standard 30-year fixed mortgage climbed to 6.81%, according to a survey of lenders released Thursday by mortgage finance consultancy, Freddie Mac.
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Mortgage rates rose again, hitting the highest level since they topped 7% last year.#mortage #banking #inflation pic.twitter.com/YjDb3o7jXK
— The_Journalbiz (@the_journalbiz) July 6, 2023
Freddie Mac chart
That is the highest level since fall when rates reached peaks not seen in more than two decades.
Higher mortgage rates have priced many Americans out of the market because they can add hundreds of dollars or more to the monthly cost to own a home. A year ago, mortgage rates were more than a percentage point lower. Low inventory of homes has added to affordability challenges.
Treasury yields surged early Thursday after hotter-than-expected labor market data. Mortgage rates tend to loosely follow the 10-year Treasury yield, which rises and falls based on expectations for the economy.
