The average rate for a 30-year mortgage has risen to 7.17%, marking its highest level in almost two years. This increase follows the 10-year Treasury yield surpassing the 5% mark on Monday, which has contributed to the upward trend in mortgage rates.
Homebuyers should brace for higher monthly payments as mortgage rates climb. Potential buyers may want to act quickly before rates rise further, while current homeowners might consider refinancing options. Keep an eye on Treasury yields for future rate trends.