The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, with this recent climb potentially sidelining more buyers and sellers.
The underlying strength of the economy is contributing to the increase in mortgage rates, as noted by Freddie Mac's chief economist Sam Khater.
Despite recent Fed interest rate cuts, mortgage rates have been climbing, reflecting market expectations instead of directly aligning with the Fed's actions.
Even with some recent positive signs in the inflation report, the yield on the 10-year Treasury bond remains significantly higher than recorded months ago.
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