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 China is buying gold like there’s no tomorrow READ MORE US Job Cuts Rise Sharply in January READ MORE Copper Short Squeeze in NY Prompts Rush to Send Metal to US READ MORE Is it a golden era for gold? READ MORE Add a Comment Cancel replyYour email address will not be published.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