Homebuyers Face Hurdles as Mortgage Rates Cross 7% Again

Mortgage rates are approaching 7% again, with the average top tier rate at 6.625% or higher for the average lender. The spike is due to the market coming to terms with the possibility that the Federal Reserve may have been right in maintaining the need to keep rates "higher for longer." The true trajectory of rates will depend on additional economic data, with the more important reports not coming out until the first 2 weeks of June.