The average rate on 30-year fixed-rate mortgages has surpassed 7 percent, according to Freddie Mac, marking the first time since May. This surge in mortgage rates is attributed to a strong economy, inflation, and potential policy changes from the incoming Trump administration. Experts warn that this increase may sideline more buyers and sellers.
Source: https://www.nytimes.com/2025/01/16/business/mortgage-rates-housing-costs.html