Washington, DC CNN —US mortgage rates ticked down for the second week in a row but remain above 7%. Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to its lowest level in nearly four decades. But it isn’t good news for inflation, which needs to drop further for mortgage rates to come down. Even though inflation has started to ease, strong economic data has continued to keep mortgage rates elevated this week, Khater said. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

Source: CNN September 07, 2023 17:34 UTC