The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years. That's grim news for would-be homebuyers already facing high home prices caused by a lack of supply.
WASHINGTON — The average long-term U.S. mortgage rate climbed this week to its highest level in 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a lack of homes for sale.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans. The yield has been rising as bond traders react to more reports showing the U.S. economy remains remarkably resilient, which could keep upward pressure on inflation, giving the Federal Reserve reason to keep interest rates higher for longer.
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