US Mortgage Rates Surge Amid Economic Uncertainty and Debt Ceiling Standoff.
TL;DR Summary
The average long-term mortgage rate in the US rose to 6.57% this week, the highest level since mid-March, due to economic uncertainty and debt ceiling concerns. The rise in rates has dampened affordability for homebuyers, and homeowners are unwilling to sell their homes at low rates. The move up in bond yields comes as investors react to stronger-than-expected economic data and the possibility of the US government defaulting on its debt.
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