Fed Meeting Looms Large as Mortgage Rates Reach New High

Mortgage rates have reached their highest level of the year in 2026, hitting 6.75% as the Federal Reserve prepares to meet and potentially raise interest rates.

The surge marks an 11-month peak and reflects growing inflation concerns tied to geopolitical tensions and rising oil prices.

Fed Chairman Kevin Warsh has signaled the central bank's resolve to combat inflation, saying 'My colleagues and I recognize that high inflation has been an undue burden on American households and businesses.'

Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan are expected to press for a rate hike during the closed-door meeting to address inflation.