US mortgage rates rise for seventh straight week to hit highest since 2023

Mortgage rates in the US have hit their highest level since 2023, marking a seventh consecutive week of increases. This surge is driven by rising Treasury yields, escalating energy costs, and anticipated Federal Reserve tightening. Such developments could impact consumer spending and economic growth, as higher borrowing costs can dampen housing market activity and overall consumer confidence. For those planning to buy a home, these trends signal a more expensive market environment.