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30-Year Mortgage Rates Climb to 6.58%, Highest Since May

  • 1:28 PM EDT

by UrbanTurf Staff

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Mortgage rates ticked up again this week, with the average 30-year fixed-rate loan reaching 6.58% — the highest level since late May. It's the second straight weekly increase, continuing a slow climb that has chipped away at the modest affordability gains buyers saw earlier this year.

The uptick is being driven largely by forces outside the housing market. Renewed tension in the Middle East has pushed oil and gas prices higher, stoking fresh inflation concerns, while yields on the 10-year Treasury note — which mortgage rates tend to track closely — have also been climbing. With bond yields under pressure, lenders have had little room to hold the line on pricing.

Still, the picture for prospective buyers isn't entirely bleak. Rising supply and stable home prices mean homebuying conditions are slowly improving in many markets, a dynamic that should sound familiar to anyone tracking the DC region's own steadily loosening inventory this year. 

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/30-year_mortgage_rates_climb_to_658_highest_since_may/24846.

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