30-year mortgage rates just hit 7.60% — highest since November 2023.
That's a 160 basis point jump in just 7 months. And today's number doesn't even reflect the 30-year Treasury yield breaking to a fresh 24-year high.
If bond yields keep pushing, we're staring at 8% mortgages within days.
For context: When rates were sub-6% last fall, housing affordability was already stretched. Now? Monthly payments on a median home are up hundreds of dollars. Buyers are getting priced out, sellers are locked in, and inventory stays frozen.
This isn't just a housing story — it's a consumer spending story. Higher mortgage costs mean less discretionary income, slower turnover, and weaker economic activity tied to home sales.
Watch the 30-year Treasury. If it doesn't stabilize, 8% mortgages aren't a maybe. They're a when.
That's a 160 basis point jump in just 7 months. And today's number doesn't even reflect the 30-year Treasury yield breaking to a fresh 24-year high.
If bond yields keep pushing, we're staring at 8% mortgages within days.
For context: When rates were sub-6% last fall, housing affordability was already stretched. Now? Monthly payments on a median home are up hundreds of dollars. Buyers are getting priced out, sellers are locked in, and inventory stays frozen.
This isn't just a housing story — it's a consumer spending story. Higher mortgage costs mean less discretionary income, slower turnover, and weaker economic activity tied to home sales.
Watch the 30-year Treasury. If it doesn't stabilize, 8% mortgages aren't a maybe. They're a when.