U.S. mortgage rates have reached their highest in over 20 years, with the 30-year home loan average hitting 7.09%.
This increase challenges potential homebuyers in an already competitive housing market.
The rise corresponds with the uptick in the 10-year Treasury yield, driven by the robust U.S. economy and inflation concerns.
Current rates, more than double those from two years ago, discourage homeowners from selling, contributing to a 23% decrease in home sales this year.
Under Biden’s socialist economic policies, U.S. mortgage rates have reached 7.09% — the highest level in 21 years.
“Bidenomics” is a disaster for Americans.