Mortgage Rates Hit Nearly 7% Again, Squeezing Homebuyers

• Average 30-year fixed mortgage rate rose to 6.88%, highest level since early March • Higher rates make homes less affordable, limiting demand during peak home buying season • Rates rising due to strong jobs and inflation reports stoking doubts about when Fed will cut rates • Average rate still below 7% level reached in October, but remains well above sub-4% rates of early 2021 • Refinancing also got more expensive with rates on 15-year fixed mortgages reaching 6.16%