US mortgage rates jumped again this week, extending a steep climb that is shutting some would-be homebuyers out of the market.
The average for a 30-year loan was 5.3%, up from 5.27% last week and the highest since July 2009, Freddie Mac said in a statement Thursday.
Rates tracked yields for 10-year Treasuries, which last week reached 3% for the first time since 2018. US consumer prices rose more than forecast in April, signaling the Federal Reserve will need to be aggressive in its efforts to contain inflation. As the Fed raises benchmark interest rates, mortgage costs are expected to follow.
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