The U.S. mortgage rate reached a new high this week, climbing to 7.49% according to mortgage giant Freddie Mac.
The mortgage rate stood at 7.31% just one week prior.
“Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation,” said Freddie Mac Chief Economist Khater.
Khater went on to say that climbing mortgage rates are expected to reduce demand from homebuyers.
