


Mortgage Rates Hit Six-Month High at 6.91%, Straining Homebuyers
This article discusses the recent surge in mortgage rates, impacting home affordability and buyer confidence in the current housing market.
Overview
Mortgage rates have surged to 6.91% for 30-year loans, the highest since July, exacerbating affordability issues and deterring potential homebuyers. The average rate for 15-year mortgages is now 6.13%. While recent Federal Reserve rate cuts were expected to lower borrowing costs, rising bond yields and economic resilience are counteracting this, leaving many potential buyers sidelined. Applications for mortgages have significantly dropped, and market conditions remain challenging, with limited inventory as homeowners with lower rates hesitate to sell.
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