Mortgage rates rose in the past week, but even as they remain close to 7%, there’s little evidence to suggest they’ll move much higher and further constraint housing affordability.

On Tuesday, 30-year conforming rates averaged 6.93% while 15-year conforming rates averaged 6.76%, according to HousingWire’s Mortgage Rates Center. In comparison, these figures stood at 6.88% and 6.63%, respectively, one week ago.

The odds remain low that the Federal Reserve will step in with policy rate relief in the near term. The CME Group’s FedWatch tool on Tuesday showed that 95% of interest rate traders believe that rates details ⇒

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