US Mortgage Rates See Largest Weekly Jump in Four Years

 

 

P.P. Cherian

New York: Mortgage rates for 30-year fixed-rate loans in the US have risen sharply. The rate climbed to 7.28% from 7.03% last week, marking the largest weekly increase in four years.

Rising US Treasury bond yields and robust economic growth have driven the increase in interest rates. Inflation remains above the Federal Reserve's 2% target, a factor that could prompt the Fed to raise rates further.

High interest rates have adversely affected the purchasing power of prospective homebuyers. Additionally, there has been a decline in the number of mortgage applications.

Financial experts anticipate that the US Federal Reserve will raise interest rates again in the future.