Inflation, which has been hitting consumers hard in their everyday lives, is also causing pain for home buyers in the form of soaring mortgage rates. The movement of the 10-year Treasury tends to be one of the best indicators of where mortgage rates are headed. “Investors are anticipating aggressive actions by the Federal Reserve to rein in inflation, driving rates higher. The central bank does not set mortgage rates, but its actions often influence them. “Prospective buyers still face elevated sales prices in addition to higher mortgage rates,” Joel Kan, an MBA economist, said in a statement.
