U.S. 30-year mortgage rates hit 6.85%, highest since mid-July, likely to stay above 6% next year.

The average 30-year mortgage rate in the U.S. rose to 6.85%, its highest since mid-July, due to climbing bond yields. Freddie Mac reported this increase from 6.72% the prior week. Economists predict rates will stay above 6% next year, possibly reaching 6.8%. High rates and rising home prices are keeping buyers out, causing a slump in the housing market, potentially the worst since 1995.

3 months ago
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