US Mortgage Rates Near 7% Amid Global Government Bond Sell-Off

U.S. mortgage rates are approaching 7%, reaching levels not widely seen since January 2025, due to a global sell-off in government bonds. The average 30-year fixed-rate mortgage increased to 6.71%, marking a more than one-year high. This trend, tied to rising 10-year U.S. Treasury bond yields, is expected to further reduce housing affordability, especially for first-time homebuyers.