Episode Details

Mortgage rates just hit a 12-month high at 6.66%, sending homebuyers scrambling as monthly payments spike and affordability tightens. Driven by global tensions pushing oil prices and inflation fears, long-term bond yields are climbing — and so are mortgage rates. After dipping below 6% in February, this surge signals no relief soon, especially with the Fed hinting at more rate hikes. Home sales remain sluggish, and applications dropped last week — a clear sign buyers are pausing. While still lower than last year, the upward trend is crushing summer homebuying dreams.

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