US 30-Year Mortgage Rate Just Shy of 7% Bridles Home Purchases

The US 30-year mortgage rate has climbed to 6.91%, just shy of the 7% mark, according to Freddie Mac. This increase has put a significant dent in home affordability and slowed down home purchases. The benchmark 30-year fixed-rate mortgage rate rose from 6.85% last week and was at 6.62% a year ago. The uptick in mortgage rates reflects a rise in bond yields that lenders use as a guide to price mortgages.