The average interest rate for a 30-year mortgage has climbed above the 7% mark for the first time in twenty months. This development poses significant challenges for the housing market and prospective homebuyers who are already dealing with rising prices in other areas.
The increase aligns with current trends in Treasury yields. These yields, which influence borrowing costs throughout the economy, have reached their highest levels in decades.
Amna Nawaz spoke with David Wessell from the Hutchins Center on Fiscal and Monetary Policy to explore the implications of these changes.
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