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U.S. mortgage rates reach two-year high
Mortgage rates in the United States have experienced a sharp increase, reaching their highest levels since May 2024, due to a broad sell-off in the global bond market, rising inflation concerns, and soaring oil prices. The average interest rate on 30-year fixed-rate mortgages increased by 11 basis points to 7.37%, while the yield on 10-year Treasury bonds surpassed 5.14%, the highest level in 19 years. This has led to higher mortgage costs and increased monthly payments for American families, potentially slowing down the housing market as investors await bond yields to stabilize and inflation pressures to ease.
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