US Mortgage Rates Exceed 7% for First Time in 20 Months
Guardian Business1 min read87 words
US mortgage rates exceeded 7% for the first time since January 2025, according to federal lender Freddie Mac. This rise exacerbates a housing market that has faced years of high interest rates and low supply, occurring as Americans contend with elevated prices and stagnant wages.
The rate increase follows a decision by the US Federal Reserve to hike interest rates, a move that directly influences mortgage costs. The Federal Reserve cited high inflation as the reason for this adjustment, which marks the first rate hike since 2023.
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