No Relief In Sight as, Interest Rates , Continue to Rise.
NBC reports that mortgage rates continue to climb, with the average interest rate on a 30-year-mortgage rising to 7.48%.
According to Mortgage News Daily, it is the highest level reached since November of 2000.
The high cost of a mortgage has put homeownership even further out of reach for many potential home buyers.
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NBC reports that other measures of interest rates remain elevated, while lowering slightly.
Over the past several years, , mortgage rates , have almost tripled.
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NBC reports bond yields have also continued to rise, which are closely tied to mortgage rates, amid steady growth by the U.S. economy.
NBC reports bond yields have also continued to rise, which are closely tied to mortgage rates, amid steady growth by the U.S. economy.
The demand for bonds has also been impacted by the U.S. deficit increasing, which increases the supply of Treasury debt on the market, lowering prices.
The demand for bonds has also been impacted by the U.S. deficit increasing, which increases the supply of Treasury debt on the market, lowering prices.
Meanwhile, the Federal Reserve has suggested that it intends to maintain the elevated rates as a means to combat inflation.
According to federal economic data, the average U.S. home sale price has declined for two consecutive quarters.
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Black Knight, a mortgage services and technology firm, reports that the current homebuying market is the least affordable in nearly forty years.
