US thirty-year mortgage rates passed 7% for the first time since January 2025, as the thirty-year Treasury reached 5.46%.
The SCMP notes the rate is the highest of the current presidency. At the top end, Miami's ultra-luxury market is booming on cash, while a famed New York co-op faces a $55.5 million discount. Central Tokyo condo prices fell for a fourth month.
US mortgage rates rose above 7%. Buyers paying cash at the top of the market are doing fine; buyers who need a mortgage face higher costs, because mortgages follow long-term rates.
So-what: Housing is splitting by how it is financed. Cash buyers at the top are insulated from a long end priced on supply; mortgage-dependent buyers are not, and the long end is exactly what sets their rate.
What to watch. Weekly mortgage rates; the thirty-year Treasury; new-home sales once released.