Mortgage rates have surpassed the 7 percent mark owing to a rise in economic factors.
The 30-year fixed-rate mortgage, for the week ending Jan. 15 was 7.04 percent, according to data from Loan Mortgage Corporation Freddie Mac.
The rate has been on a steady upward trend since September 2024, with a slight dip in December. “The underlying strength of the economy is contributing to this increase in rates,” said the corporation.
The latest Bureau of Labor Statistics data show that employment grew by 256,000 in December with gains recorded in health care, government, and retail. Meanwhile, the number of permanent job losses declined by 164,000, and the average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $35.69….