US 30-Year Mortgage Rate Surges to 6.95%, Near 7% Level for Highest Since January 2023

The US 30-year fixed mortgage rate has surged to 6.95%, approaching the 7% mark and hitting its highest level since January 2023. Amid a recent spike in U.S. Treasury 10-year yields that briefly reached 5% this week, forecasts suggest high home prices and elevated interest rates could increase the burden on housing buyers. The Wall Street Journal reported that the Federal Reserve's first rate hike in three years had limited direct impact on the bond market, as markets had already priced in the expected increase.