Mortgage Rates Surge Again This Summer | Virginia Beach News

Mortgage rates just hit a 12-month high at 6.66%, sending homebuyers scrambling as monthly payments spike and affordability tightens. Driven by global tensions pushing oil prices and inflation fears, long-term bond yields are climbing — and so are mortgage rates. After dipping below 6% in February, this surge signals no relief soon, especially with the Fed hinting at more rate hikes. Home sales remain sluggish, and applications dropped last week — a clear sign buyers are pausing. While still lower than last year, the upward trend is crushing summer homebuying dreams. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/3d1fbb1b9b08298a