The 30-year fixed mortgage rate surpassed the 7% mark on Monday on the heels of strong economic data and the Federal Reserve signaling that it will move carefully with any future cuts to interest rates.

The 30-year conforming fixed mortgage rate was at 7.04% on Mortgage News Daily and 6.91% on HousingWire’s Mortgage Rate Center.

It’s the first time since December that the average 30-year fixed rate has eclipsed 7%. Mortgage rates briefly exceeded 8% in October but had eased as investors gained confidence that the Fed was nearing the end of its phase of interest details ⇒

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