Mortgage Rates Surge, Housing Market Slows | Business and Finance News

Mortgage rates just hit a new yearly high, sending homebuying dreams into a tailspin as even tiny rate hikes add hundreds to monthly payments. Driven by surging Treasury yields reacting to global chaos—oil spikes, inflation, and international tensions—the housing market’s brakes are firmly on. Pending home sales plummeted 5% last month, signaling a tough road ahead for first-time buyers. Experts warn no major relief is on the horizon anytime soon, with only a glimmer of hope for a slight dip later this year. With rates soaring and home prices at record highs, the dream of homeownership feels more out of reach than ever. 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/416c61a10e9b6d70