Global homeowners face rising mortgage burdens
Millions of homeowners around the world have been adversely affected by rising mortgage costs due to increased yields on government bonds, which have led to higher interest rates on mortgage loans. In the UK, the two-year swap rate reached 4.68%, the highest level since 1998, resulting in the cancellation of many loan offers with interest rates below 5%. In the United States, the 30-year mortgage rate rose to 7.28%, the highest in three years, limiting consumers' ability to purchase new homes, while in the Eurozone, interest rates increased to 3.43%. Additionally, the Australian real estate market is declining amid falling demand, registering the lowest number of loan approvals since late 2023, with expectations of rising financing costs and their negative impact on the global housing market.
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