Mortgage rates climb to 7-year high as Fed weighs further hikes

Mortgage rates increased to their highest level since 2015 as the Federal Reserve considers raising interest rates to combat inflation.
The average 30-year fixed mortgage rate rose to 6.79% from 6.57% last week, approaching 7% for the first time in years.
Higher mortgage rates add hundreds of dollars per month to payments, limiting affordability as home prices remain elevated.
The housing market has struggled this year as limited supply and higher rates reduce sales.
The Fed's next move will determine whether rates continue rising or possibly ease, impacting homeowners and homebuyers.