US 30-year fixed-rate mortgage rate hits 7.40%, likely to further erode housing demand

, the 30-year fixed-rate mortgage has surged to 7.40%, fueled by rising inflation that has also driven up energy costs and Treasury yields. With midterm elections looming, the housing market is grappling with affordability challenges. Homeowners are reluctant to sell due to these higher mortgage rates. While home prices remain high, experts forewarn of a potential market stall rather than a significant downturn.

Summarised by Agaah from ET Markets. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.