Mortgage Rates Surge Above 7%, Exacerbating US Housing Affordability Crisis
Mortgage rates reached a record high of 7.04% this week, according to Freddie Mac’s latest survey of lenders, marking the fifth consecutive weekly increase and the highest level since May. The surge is attributed to stubborn inflation, which has pushed the yield on the 10-year US Treasury note higher. The Federal Reserve’s decision to only … Read more