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 BOJ preparing to end negative interest rate policy at March meeting, Jiji reports READ MORE Silver: "It’s Time To BUCKLEUP" READ MORE Gen Z will pay dearly for this U.S. blunder on the massive debt that boomers, Gen X, and millennials are dumping on them, former White House economist warns READ MORE Leading Economic Index No Longer Predicts U.S. Recession -Conference Board READ MORE Add a Comment Cancel replyYour email address will not be published.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