The U.S. Federal Reserve’s high interest rates, abetted by inflation, are keeping U.S. mortgage interest rates above 7 percent.
The U.S. average interest rate on a fixed-rate, 30-year mortgage reached 7.08 percent during the week ended 28 October, according to the Federal Home Loan Mortgage Corporation (Freddie Mac).
Last week, U.S. mortgage interest rates rose to their highest levels since July 2007 during the Great Recession.
The average mortgage rate on a 30-year fixed mortgage hit 6.7 percent, according to a survey released Thursday by the mortgage giant Freddie Mac. “The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” a statement read. “Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has...