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 Biden-Harris Administration Releases First Set of Draft Rules to Provide Debt Relief to Millions of Borrowers READ MORE Over 80,000 Global Enthusiasts Flock to HongKong’s Twin Jewellery Shows READ MORE Goldman Says Commodities to Gain as Central Banks Cut Rates READ MORE BRICS Expansion and De-Dollarization Efforts Challenge USand EU Economic Dominance READ MORE Thursday's PCE Price Index Release to Shine a Spotlight on Inflation Trends READ MORE Add a Comment Cancel replyYour email address will not be published.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