US mortgage rates have surged, with the average 30-year fixed rate hitting 7.03%, marking the first time in 20 months that it has topped 7%. The figure, announced by the Federal Home Loan Mortgage Corporation on the 24th, is up 0.73 percentage points from a year earlier. Long-term US Treasury yields climbed to record highs amid rising crude oil prices driven by heightened Middle East tensions and concerns over fiscal deterioration, pushing mortgage rates up as well. Higher borrowing costs and soaring fuel prices are hitting household finances, posing headwinds for the Trump administration ahead of November's midterm elections.
Long-term US Treasury yields climbed to record highs amid rising crude oil prices and fiscal deterioration concerns, pushing mortgage rates above 7%.
