High Inflation Drives Mortgage Rates Above 7% This week saw a significant increase in mortgage rates, pushing past the 7% threshold and dampening the enthusiasm of potential homebuyers. The rise in rates comes amid persistent high inflation, challenging the previously held optimism for a Federal Reserve rate cut in time for the spring buying season. Specifically, the average rate for a 30-year fixed mortgage climbed from 6.97% to a peak of 7.13% on February 13, as per Mortgage News Daily, before settling at 7.03%. This upward trend in mortgage rates is making entering the housing market harder than ever. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Dollar Rises as Geopolitical Tensions Mount; Oil Prices Climb Amid Middle East Concerns READ MORE Fed's Hesitation on Rate Cuts Risks Economic Stability, Experts Warn READ MORE ECB Poised for June Rate Cut to Stay Ahead of Inflation Curve READ MORE World Gold Council: Why Are Gold Prices Rising? READ MORE UBS Analysts: Gold Market Not Overextended Despite Record Prices READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment