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Mortgage Rates Tick Up to 6.71%, Highest Level Since Last Summer

  • September 4th

by UrbanTurf Staff

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The 30-year fixed-rate mortgage averaged 6.71% this week, according to Freddie Mac's latest mortgage survey, up from 6.66% a week earlier. It's the third straight weekly increase and puts rates at their highest level in over a year, a notable reversal after a stretch of relative calm over the summer. 

The driver appears to be the bond market. The 10-year Treasury yield, which mortgage rates closely track, has risen sharply in recent weeks as investors grow more anxious about inflation, and comments from a Federal Reserve official last week reinforcing the central bank's inflation-fighting stance were read by markets as a signal that further rate hikes could be on the table.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_tick_up_to_671_highest_level_since_last_summer/24967.

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