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 London Gold Price Benchmark Hits All-Time High at Morning Auction, LBMA Says READ MORE U.S. Business Activity Slows to Four-Month Low; Mixed Inflation Signals Emerge READ MORE July Sees Record Central Bank Gold Acquisition Since January READ MORE Could Trump's Policies Strengthen Dollar? Experts are Split READ MORE Upcoming Jobs and CPI Reports Crucial for Fed's Interest Rate Decision READ MORE Add a Comment Cancel replyYour email address will not be published.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