US Mortgage Rates Soar to 23-Year High at 7.31%

The average long-term US mortgage rate has reached its highest point in nearly 23 years, hitting 7.31%. Rising borrowing costs are making the housing market increasingly unaffordable for prospective homebuyers. High rates are adding hundreds of dollars a month in costs for borrowers, limiting affordability in a market already out of reach for many Americans. The combination of elevated rates and low home inventory has worsened the affordability crunch, keeping home prices near all-time highs. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans.