Mortgage rates hit the highest point of the year

Home affordability took another hit this week as mortgage rates neared 7%, forcing many buyers to stick to the sidelines.

The rate on the 30-year fixed mortgage increased to 6.81% from 6.71% the week prior, according to Freddie Mac, the highest level in 2023 and since November.

Rates followed an uptick in the 10-year Treasury yield after a government report released last week showed inflation remained sticky and minutes released this week from the Federal Reserve’s last meeting revealed a more hawkish stance toward future rate increases.

Gabriella Cruz-Martinez | Yahoo

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