Mortgage interest rates have spiked for the second day in a row. This increase is putting pressure on homebuyers and homeowners looking to refinance. U.S. mortgage rates have risen significantly, reflecting economic shifts and inflation concerns.
According to the latest Zillow data, the 30-year mortgage rate for home purchases climbed 18 basis points to 6.87%. The 30-year refinance rate also rose by 20 basis points to 6.91%. The 15-year fixed purchase rate surged by 21 basis points to 6.26%. Meanwhile, the 15-year refinance rate increased by 20 basis points to 6.30%.
These increases follow a notable rise in the 10-year Treasury yield over the past two days. Mortgage rates closely track this yield. The yield rise suggests growing concerns about inflation. As a result, U.S. mortgage rates may continue to be affected in the coming days.
Economists are closely watching today’s Consumer Price Index (CPI) report. The CPI is a key measure of inflation. This data could influence U.S. mortgage rates in the short term. Any surprise inflation figures could push rates even higher.
Today’s Mortgage Rates
Here are the current U.S. mortgage rates based on the latest Zillow data:
- 30-year fixed: 6.87%
- 20-year fixed: 6.83%
- 15-year fixed: 6.26%
- 5/1 ARM: 7.06%
- 7/1 ARM: 7.24%
- 30-year VA: 6.47%
- 15-year VA: 6.12%
- 5/1 VA: 6.13%
As U.S. mortgage rates rise, prospective buyers and those looking to refinance should stay informed. The CPI report today could influence U.S. mortgage rates in the near future.
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