Mortgage Rates Climb to 6.88% as Inflation Keeps Fed Rate Hikes in Play

• Mortgage rates rose this week and could increase further due to stubborn inflation • The 30-year fixed mortgage rate averaged 6.88% this week, up from 6.82% last week • Rates have held steady but could rise if inflation remains high, keeping the Fed from reducing interest rates • Inflation data shows persistent price pressures, causing 10-year Treasury yields to top 4.5% • Economists don't expect mortgage rates to fall below 6% this year, especially if the Fed doesn't cut interest rates