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Mortgage Rates Climb Again This Summer | Oakland News
Description
Home loan rates just hit a one-year high at 6.66%, climbing for the fourth straight week and squeezing buyers’ budgets—adding hundreds to monthly payments and slowing home sales. Even 15-year rates rose to 6.04%. Driven by Middle East tensions pushing oil prices and inflation fears, mortgage rates follow the 10-year Treasury yield, which has surged since February. The Fed’s pause on rate cuts—some officials now hinting at future hikes—means no quick relief. With applications down and affordability tight, this summer’s housing market remains tough for buyers.
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