Mortgage rates are rising for the seventh consecutive year, putting pressure on homebuyers

Freddie Mac, a lease customer, reported on Thursday that mortgage rates increased for the seventh consecutive week.

The benchmark 30-year fixed mortgage‘s average rate increased 7.4 % from last week’s reading of 7.28 %, according to Freddie Mac’s most recent primary mortgage market survey, which was released on Thursday.

A 30-year loan’s regular price was 6.3 % a year ago.

BABY Boom ARE TEACHED TO REMAINDER MILLIONS OF HOMES, BUT FIRST-TIME BUYERS HAVE A CATCH.

The 10-year Treasury yield, which was 5.2 % this week, or 9 basis points higher than the previous week, is continuing to rise, according to Realtor.com senior economist Joel Berner. Bond yields are rising, and mortgage rates are rising as a result of a cruel drink of inflation expectations, a widening bond market pullback, and rising fiscal deficits.

A 15-year fixed mortgage has a higher average rate of 6.7 % than it did last week, which was 6.6 % higher.