Mortgage Rates Surge To Record Highs

(Washington, DC) — Mortgage rates are surging to record highs. This week they hit their highest level in 21 years, at just under seven-point-one-percent. That’s up from six-point-nine-six-percent last week. Rates have been up all summer, above six-point-five since the end of May. The last time they went over seven was November 2022, but this week’s is the highest since 2002. Mortgage rates have been spiking as a result of the Federal Reserve’s rate-hiking plan to ease inflation, making it harder and harder to afford a home.