The yield on the U.S. 30-year Treasury bond hit 5.323% on Tuesday, a 19-year high, before edging down to just below 5.3%. The 10-year Treasury yield, a key benchmark for fixed mortgage rates, is above 4.7%, compared to below 4% before the Iran War started in late February. The average rate for a 30-year fixed-rate mortgage stood at 6.75%, while the annual inflation rate was 3.4% in July, far above the Federal Reserve’s 2% target. Experts say consumers should not expect any meaningful decline in rates in the near future.
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