U.S. MORTGAGE RATES SURGE TO NEAR THREE-YEAR HIGH

The average 30-year fixed mortgage rate jumped 19 basis points to 7.49%, its highest since November 2023, as Treasury yields surged.

Mortgage rates have risen roughly 1.4 percentage points since late February, further squeezing housing affordability.

The impact is already showing: mortgage applications fell 4.2% last week, with refinancing demand dropping sharply as borrowers retreat from higher financing costs.
(@WalterBloomberg)