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Mortgage rates in the US soared for the second week in a row, reaching their highest level in three weeks, as reported by Bloomberg. The average rate for a 30-year fixed loan rose to 6.9%, up from last week’s 6.81%, according to Freddie Mac.
Prospective buyers are grappling with a tough housing market in various parts of the US. Mortgage rates have been hovering near 7% in recent weeks, while housing prices continue to inch higher due to limited inventory.
Fitch Ratings has recently downgraded US government debt, leading to higher yields on Treasuries, marking fresh highs for 2023. Meanwhile, the latest payroll data indicates strength in the economy.
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