Mortgage Rates Hold Steady as Applications Rise

The Federal Reserve's aggressive rate-hiking campaign over the past 16 months has led to higher borrowing rates for consumers. The average interest rate for a 30-year fixed-rate mortgage is currently at 7.18%, the highest in two decades. Credit card interest rates have risen to an average of 20.68%, over 5% higher than last year. Auto loan interest rates for new vehicles are at 6.63%, while used vehicles have an average rate of 11.38%. The Fed hinted at the possibility of another rate hike this year.