Mortgage rates continue to climb up, offering little respite to aspiring homebuyers struggling with affordability.
America's most popular home loan, the 30-year-fixed mortgage rate, has continued to climb up in recent months, reaching a peak of 7.49 percent on October 5, according to the latest data made available by the St. Louis Federal Reserve.It's even higher than the 7.31 percent reached in the week ending on September 28, the highest level in nearly 23 years.
''It may have risen even without the downgrade just due to record high national debt,' he added.There are other factors that influence mortgage rates, Cohn explained, and which could impact them in the future, including the 10-year bond yield and the mortgage backed securities market.'The 10-year bond yield is impacted by economic data: simply put, bad news for the economy is good news for mortgage rates,' Cohn said.
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