Mortgage Rates Surge, Crushing Homebuyer Dreams | San Francisco News

Mortgage rates just hit 6.49% — the highest in years — making home buying more expensive and dragging down the housing market. With borrowing costs climbing, monthly payments soar, shrinking buyer budgets and keeping existing home sales far below normal levels. This isn’t a fluke — rates have been steadily rising since a brief dip earlier this year, fueled by inflation concerns and rising oil prices that push bond yields higher. While there’s been a slight uptick in sales, it’s still nowhere near historical norms. For now, high rates remain the biggest obstacle for anyone dreaming of homeownership. 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/666c8e7b4c16309d