"US Mortgage Rates Hit 10-Week High Amid Persistent Inflation Concerns"

Mortgage rates surged to a two-month high after a report on wholesale prices revealed persistent and higher-than-expected inflation, with the average rate on the 30-year fixed mortgage reaching 7.14%. The recent rate increase has raised concerns about its impact on the housing market, potentially driving buyers away despite strong demand, low supply, and the upcoming spring market. Builders had previously reported that lower interest rates were boosting buyer traffic, but the sudden rate spike has led to skepticism about the outlook for lower rates in 2024.