Mortgage rates nearing 7%, again

This wasn’t supposed to happen. After climbing to 7.79% in late October 2023 – the highest rates since 2000 – mortgage rates took a sharp decline and the feeling was this would continue. But it hasn’t, as rates have hit a 2-month high of 6.94%.

So what’s going on?

Analysts say that the economic news in February – a strong labo market and economy – coupled with uneven inflation developments, caused the Fed to take a cautious attitude towards reducing rates.

And the current mortgage rates are the result.

So what’s next?

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