Business & Finance
US mortgage rates reach 6.71% as economists warn of potential return to 7%
Yield increases in the bond market and inflation pressures drive borrowing costs to a 13-month high.
The short version
- The average 30-year fixed mortgage rate climbed to 6.71%, reaching its highest level in 13 months according to Freddie Mac.[CBS News]
- Rising borrowing costs have tracked a climb in the 10-year Treasury yield from 4.08% to 4.77% over six months amid bond market volatility.[CBS News]
- Multiple lending specialists report that some prospective homebuyers are already receiving loan quotes exceeding 7%.[CBS News]
- Economists expect mortgage expenses will face upward pressure in the near term as financial markets anticipate potential Federal Reserve policy tightening.[CBS News]
Key facts
- Freddie Mac reported the average 30-year fixed-rate mortgage reached 6.71%, the highest level in 13 months.[CBS News]
- The 10-year Treasury yield climbed from 4.08% to 4.77% across a six-month span.[CBS News]
- Average 30-year mortgage rates previously hit the 7% threshold in January 2025.[CBS News]
- NerdWallet reported that roughly half of observed lender quotes have already moved above 7%.[CBS News]
What remains uncertain
- Economists hold differing outlooks on whether benchmark average rates will officially exceed 7% or merely stay elevated in the near term.[CBS News]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.