US mortgage rates top 7% for first time in 20 months

Increase comes after Fed decision to raise interest rates, as Americans struggle with high prices and stagnant wages US mortgage rates surpassed 7% for the first time since January 2025, according to federal lender Freddie Mac, aggravating a housing market that has endured years of high interest rates and low supply.

The increase comes after the US Federal Reserve hiked interest rates , which directly affect mortgage rates, for the first time since 2023, citing high inflation.

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