Mortgage Rates Climb for 15- and 30-Year Terms

Rates continue to rise as economic conditions and inflation influence the mortgage market.

30-year fixed mortgage rates have increased to over 7%, marking a significant rise from previous weeks.
15-year fixed mortgage rates also saw a notable increase, affecting both purchase and refinance options.
Economic factors, including inflation and Federal Reserve policies, are key drivers of the current mortgage rate trends.
Experts suggest that future rate cuts by the Fed could potentially ease mortgage rates, depending on inflation data.
Borrowers are advised to compare rates from multiple lenders and consider rate locks to secure favorable terms.