Mortgage & Housing
30-Year Mortgage Rate Breaks Back Above 7% Following the Fed's Latest Rate Hike
via Yahoo Finance
The 30-year fixed mortgage climbed to 7.05% on September 18, crossing the 7% mark for the first time in months after the Federal Reserve raised its benchmark rate on September 16. The 15-year fixed also moved higher, reaching 6.43%.
Why it matters
Breaking 7% means monthly payments on a new $350,000 mortgage are roughly $80 more than two weeks ago, making it worth locking in a rate quickly if you are already under contract.


