(AURN News) — Buying a home just got even harder as mortgage rates jumped sharply and bond market volatility returned in force.

According to a report by Mortgage News Daily, the 10-year Treasury saw the biggest week-over-week increase since 1981, a move that quickly rippled through lending rates.

Lenders have now raised the typical rate for a 30-year fixed conventional mortgage to 7.125%, the outlet reports. That’s a half percentage point higher than last week and marks the biggest single-week jump since 2022.

The spike in rates adds more pressure to prospective homebuyers already facing high prices and limited supply — making the path to homeownership, often called the American dream, even more difficult.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.