US mortgage rates have surpassed the 7% threshold for the first time in 20 months, according to federal lender Freddie Mac. This increase follows the US Federal Reserve’s decision to raise interest rates for the first time since 2023, a move driven by persistent high inflation.
The rate hike directly impacts borrowing costs, exacerbating pressures on a housing market that has already struggled with years of elevated interest rates and limited inventory supply. American consumers continue to face challenges from high living costs alongside stagnant wage growth.
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