Mortgage rates across the United States rose to approximately 7% this week.
The shift comes just days after the Federal Reserve announced a new interest hike and big three credit rating agency Fitch Ratings downgraded its rating of the U.S. debt level, as well as that of major U.S. mortgage lenders Freddie Mac and Fannie Mae.
The 30-year fixed-rate mortgage sat at 4.9% just one year ago in comparison.
Economic experts say that mortgage rates can be expected to keep climbing if inflation and employment rates rise in the near future.
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