Worrying Sign Not Seen Since the Great Recession: Mortgage Rates Could Hit 8%

Mortgage rates exceeding 7% are straining the U.S. housing market with potential to hit 8%. Lawrence Yun of the National Association of Realtors highlights the 30-year rate’s precarious position. If the Federal Reserve hikes interest rates again and the 10-year Treasury note continues rising, an 8% mortgage rate could become imminent. Such a surge threatens to stagnate the housing market, potentially driving down sales and home prices, especially if employment falters.