General World News

Mortgage rates continue to climb beyond 7%

Mortgage rate shot up again last week as the bond market continues to grapple with a growing economy in the run up to the next Federal Open Market Committee meeting. 

Investors are concerned that the central bank will continue raising the funds rate, pushing borrowing costs even higher. For many, there is worry that the Fed may overtighten on the monetary front and lead to economic damage,” said George Ratiu, chief economist at Keeping Current Matters.

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows details ⇒

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