US 30-year mortgage rates hit 14-month high
US 30-year mortgage rates have hit a 14-month high at 6.76%, driven by a surge in Treasury yields to 4.92% amid inflation worries from the Iran conflict and federal debt concerns. This rise in borrowing costs is further dampening the already stagnant housing market as traders increasingly bet on the Federal Reserve raising interest rates at its next meeting.
Freddie Mac data confirms the 30-year fixed rate has climbed to 6.76%, its highest level since late June, while the 10-year Treasury yield surged to 4.92% on heightened inflation fears driven by the conflict in Iran and growing concerns over federal debt. Market expectations for a Federal Reserve rate hike at the upcoming September meeting have also intensified, with traders now pricing in a roughly 70% probability of an increase.
Source: GN auto markets/bonds: interest ratesMortgage borrowing costs have surged to a 14-month peak as rising Treasury yields reflect growing market anxiety over the federal debt load.
Source: GN auto markets/bonds: treasury yields
