Mortgage rates climb back above 7% after Moody's U.S. debt downgrade
CBSN
The average interest rate for a 30-year mortgage jumped back above the 7% threshold on Monday, with the increase coming after Moody's downgraded the U.S. credit rating on Friday over concerns about the government's growing debt levels.
It's the first time since April 11 that the average 30-year mortgage rate has jumped above 7%, according to Mortgage News Daily, which covers the home loan industry. The rate eased slightly later in the day, settling in at about 6.99%, the trade publication's data shows.
Despite the Federal Reserve's interest rate cuts last year, mortgage rates have remained near their 25-year peak because they tend to track the 10-year Treasury bond, which is sensitive to economic conditions. With Moody's downgrade on Friday, the markets slipped in early trading and the yield on the 10-year Treasury jumped above 5%, the highest since late 2023.
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