Mortgage Rates Climb as Economic Indicators Suggest Persistent Inflation

As the Federal Reserve holds steady on interest rates, recent economic reports indicate sustained inflation, pushing mortgage rates higher.

30-year fixed mortgage rates exceed 7%, reaching levels not seen since late 2023.
15-year mortgage rates also see an increase, with average rates now above 6.6%.
Economic data, including consumer price indices, suggest inflation remains a concern, influencing mortgage rate hikes.
The Federal Reserve maintains current interest rates, citing the need for more evidence of inflation control.
Potential homebuyers face affordability challenges as higher mortgage rates impact the housing market.