The sharp run-up in rates has caught the housing industry by surprise.
The average rate on 30-year fixed mortgages remained at generational highs this week, climbing to 8.01%, up from 7.99% the previous week, according to Bankrate’s weekly national survey of large lenders.
The current run-up in mortgage rates reflects a variety of factors: a resilient U.S. economy, the Fed’s ongoing war onand, more recently, a sharp rise in 10-year Treasury yields, which serve as an informal benchmark for 30-year mortgage rates. The 8% barrier stands as just one more unwelcome milestone in the upward trajectory of borrowing costs.
The sharp rise in mortgage rates has squeezed affordability and sparked a slowdown in home sales. First-time buyers are especially challenged by this market.“Higher mortgage rates have a dual impact on the housing market: reducing affordability for buyers and strengthening the rate lock-in for sellers,” says Odeta Kushi, deputy chief economist at First American.
Economists expected to see mortgage rates decrease by the end of 2023, but the strength of the U.S. economy has thrown a wrinkle into those predictions. So has the jump in 10-year Treasury yields.
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