Are mortgage rates heading back above 7%? Here's what experts think.

TL;DR

Mortgage rates have risen to 6.71% for a 30-year fixed-rate mortgage, the highest in 13 months.
Experts predict rates could climb back above 7% due to inflation concerns and bond market instability.
The rise in mortgage rates is closely linked to increasing 10-year Treasury yields.
Higher inflation may lead the Federal Reserve to increase its benchmark rate.
Despite higher costs, lower competition may present an opportunity for some buyers.

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