"Surging Economic Data Pushes Mortgage Rates Above 7%"

The average rate on the 30-year fixed mortgage has surpassed 7% for the first time since December, driven by stronger economic data. Despite a brief decline in rates over the past two months, high prices and low supply have made 2023 the worst year for home sales since 1995. With the spring housing market approaching, the impact of rising mortgage rates on affordability is significant, with even small rate swings affecting monthly payments. The future of rates in 2024 hinges on economic indicators and inflation.