(Bloomberg) The average rate on a 30-year mortgage in the US was 3.01%, an increase from 2.88% posted last week. The rate is the highest since June 24.
Fig: Mortgage Rates
Many potential house buyers have been locked out of the housing market as low rates supported bidding wars, leading to an increase in prices.
Economists expected the continued increase in mortgage rates to slow down the pandemic-inspired housing rally and moderate prices.
The 30-year mortgage touched a record low of 2.65% at the start of 2021. The rate has been steadily rising, tracking the 10-year Treasury yields, which climbed to above 1.5% this week from 1% in January.
SPY is down -0.046%, DXY is down -0.12%.
