US Mortgage Rates Rise Above 7%
Mortgage rates in the United States rose above 7%. This is the first time in over a year.
Rates climbed more than one percentage point since the US war against Iran started. The average rate on a 30-year mortgage jumped to 7.03%. This is putting pressure on housing affordability for buyers.
Klear Note — A 30-year mortgage spreads home payments across three decades. Higher rates usually increase monthly payments and make homes harder to afford.
Key Terms 2
- 30-year mortgage A home loan paid back over 30 years.
- housing affordability How easy it is for people to afford homes.