Record-High Mortgage Rates Surge Past 7%: Freddie Mac

Mortgage rates have reached a 22-year high, with the average 30-year fixed-rate mortgage at 7.23%, according to Freddie Mac. The resilient U.S. economy has led to soaring borrowing costs, exacerbating affordability challenges for homebuyers and slowing home sales. As a result, the number of all-cash buyers has increased. On the other hand, rents have decreased for a third consecutive month, providing some relief for renters and potentially allowing first-time buyers to wait out the expensive housing market.