Overview
- 30-year fixed mortgage rates exceed 7%, reaching levels not seen since late 2023.
- 15-year mortgage rates also see an increase, with average rates now above 6.6%.
- Economic data, including consumer price indices, suggest inflation remains a concern, influencing mortgage rate hikes.
- The Federal Reserve maintains current interest rates, citing the need for more evidence of inflation control.
- Potential homebuyers face affordability challenges as higher mortgage rates impact the housing market.