After Moody's downgraded the credit rating of the United States, mortgage rates surged to over 7%.

After Moody's decided to downgrade the credit rating of the United States, mortgage rates spiked on Monday after weeks of stagnation. Following the announcement last Friday night, bond yields increased, with mortgage rates generally following the trend of the 10-year Treasury bond yield. Reportedly, on Monday, the popular 30-year fixed-rate mortgage reached an average rate of 7.04%, the highest level since April 11th.