Mortgage Rates Reach 6.93%, Marking Highest Level Since July

Economy

1 year ago

News sources:

Credited from: NYTIMES

The average **30-year mortgage rate** has increased to **6.93%**, as reported by Freddie Mac, reaching its highest level since early July.
This rise in mortgage rates is attributed to the **10-year Treasury yield**, which has been influenced by strong economic data and persistent inflation.
Professor Stijn Van Nieuwerburgh notes that the economy remains resilient, with inflation decreasing less than expected.
The **10-year Treasury yield** rose above **4.7%**, its highest point since April, amid expansion in the U.S. services sector and proposed tariffs by the incoming administration.
The **Federal Reserve** has cut interest rates three times last year but suggests fewer reductions are expected this year due to ongoing inflation challenges.

For the full article, visit The New York Times.