For the first time in 20 months, the average rate on a 30-year mortgage has climbed above 7%. This development poses difficulties for the housing market and for homebuyers who are already facing rising costs in other areas.
This increase is linked to Treasury yields reaching their highest levels in decades, affecting borrowing costs throughout the economy. Amna Nawaz engaged in a discussion with David Wessell from the Hutchins Center on Fiscal and Monetary Policy to explore the implications further.
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