'The housing market may have to go through a correction': Mortgage rates hit 6.29%, Freddie Mac says - MarketWatch

mortgage rates continue to climb, adding hundreds of dollars in costs to potential homeowners.

The increase in mortgage rates followed the Federal Reserve hiking interest rates again to address the worst inflation the economy has faced in 40 years. .

The rise in rates is bad news for prospective buyers, as it potentially adds hundreds of dollars to their mortgage payments.

A year ago, the 30-year mortgage rate was at 2.88%.

“The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” Sam Khater, chief economist at Freddie Mac, said in a statement.

Buyers are keen to get in the market before mortgage rates march even higher?