Mortgage Rate Tsunami: The Devastating Impact on Homebuyers The 30 year fixed mortgage rate has surpassed 7% for the first time in over a year, according to data from Mortgage News Daily.
This milestone is not unexpected, given the ongoing trend of rising interest rates. The primary driver behind these increasing rates remains unchanged: the yield on the U. S. 10 year Treasury.
As oil prices surge higher, investors are opting for safer assets, driving up demand for government bonds and pushing yields higher in the process.