LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.
Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. Many economists still expect that mortgage rates will ease moderately later this year, though forecasts generally call for the average rate on a 30-year home loan to remain above 6%.
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