Mortgage rates rebound as US economy comes to grips with an ‘uncomfortable’ future

Source: Yahoo Finance — 

After a two-week break, U.S. mortgage rates began climbing again this week, a new report shows.

The higher 30-year fixed-rate mortgage is becoming yet another headwind for the shaky economy amid the Federal Reserve’s war on inflation.

The central bank has been hiking its benchmark interest rate in response to rising consumer costs. That, in turn, is making it more expensive for consumers to borrow money for major purchases like homes.

The monthly mortgage payment for a median-priced home has risen to around $2,000, according to Realtor.com. That’s $700 more than it was last year.