7% Mortgage Rates Open Doors for NJ Homebuyers

Average 30-year mortgage rates have exceeded 7%, reaching the highest levels since early 2025, driven by inflation, recent Federal Reserve rate hikes, and geopolitical tensions. This rise reduces homebuyers' purchasing power and may slow the housing market, leading to fewer offers and potential price cuts. The 10-year Treasury yield, influencing mortgage rates, hit a 19-year high amid expectations of further rate increases.