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 Japan's Central Bank Shifts Gears: Interest Rates Up, Bond Purchases Down READ MORE Successful Newcrest bid would extend US Newmont’s lead as world’s largest gold producer READ MORE Mined Commodities May Push Higher on Structural Trends: Expert READ MORE CNBC's February Inflation Breakdown READ MORE China's Gold Demand Lags Behind Global Trends in August READ MORE Add a Comment Cancel replyYour email address will not be published.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