Mortgage rates rise to highest in almost four years, boosting home buyers

Freddie Mac data released Thursday shows the average 30‑year fixed‑rate mortgage has climbed to 7.28%, up from 7.03% a week earlier, marking the largest weekly gain in roughly four years.

The rise is linked to a surge in U.S. 10‑year Treasury yields, which hit a near‑quarter‑century high this week, as economic growth in the first half of the year outpaced prior estimates and inflation remains above the Fed’s 2% target.

Mortgage Bankers Association figures also noted a drop in application volumes amid the rate increase, and the 30‑year rate has risen more than 1.2 percentage points over the past seven months since the U.S. And Israel launched attacks against Iran, driving higher global energy costs and inflation.

Read the full story at wtvbam.com.