U.S. Mortgage Rates Rise, Impacting Homebuyers and Market Dynamics

The average long-term U.S. mortgage rate has climbed to over 7%, influencing home sales and refinancing activities.

Average 30-year mortgage rate exceeds 7%, reaching a five-month high.
Recent increase in mortgage rates contributes to a sluggish start in the spring homebuying season, with a notable drop in home sales.
Mortgage rates fluctuate daily, with recent trends showing slight decreases following significant increases.
Economic indicators such as inflation and Federal Reserve policies continue to influence mortgage rate adjustments.
Homebuyers face increased costs and limited affordability, affecting overall market activity.