Mortgage Rates Hit 10-Week High, Driving Monthly Costs Up $700 in 2 Years
- Mortgage rates reach 6.77%, the highest level in 10 weeks
- Rate hike means $700 more per month for typical homebuyer now vs 2 years ago
- Increase driven by uncertainty over when Fed will cut interest rates
- Buyers facing more misery as rates keep climbing
- Sales dropped 8% in January 2024 compared to last year
