The Economic Times

As mortgage rates hit a 2-year high above 7%, heres the updated mortgage rate forecast and why US homebuyers are pulling back

The cost of borrowing money to buy a house in the United States just crossed a critical psychological line. For the first time since May 2024, the average 30 year fixed rate mortgage broke the seven percent mark. It jumped fifteen basis points last week to settle at 7.12 percent. This is not an isolated real estate trend. It is the direct result of the Federal Reserve battling high inflation. Also the global energy shock continue to ripple through the broader economy.