Mortgage rates top 6.5% as yields surge
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- Mortgage rates rose to their highest level in nine months, surpassing 6.5% on May 21.
- Bond yields increased, driving up mortgage and credit‑card interest rates, according to ABC News.
- Inflation fears escalated, contributing to the surge in borrowing costs for homebuyers.
Why it matters: Homebuyers face higher loan costs, while credit‑card users see higher rates, squeezing consumer spending across the economy and prompting potential slowdown in the housing market.
