Mortgage Rates Keep Rising Despite Federal Reserve's Decision

The Federal Reserve's recent decision to keep interest rates steady has left mortgage rates rising. The weekly average rate for a 30-year fixed-rate mortgage in the U.S. was up to 6.66% as of Thursday, a 0.08 percentage point boost from the previous week.

According to Freddie Mac, this is not a good sign for homebuyers, who are already facing high borrowing costs. The Federal Home Loan Mortgage Corporation reports that rates will likely 'stay relatively elevated over the next few years.'

National Mortgage Professional managing editor Czarinna Andres warns mortgage professionals and homebuyers: 'The Fed hold is not a mortgage-rate reprieve.' She advises lenders, brokers, and loan originators to prepare borrowers for rates to remain elevated.

The war between the U.S. and Israel against Iran has contributed to rising energy prices and fueling inflation, which may have influenced the Federal Reserve's decision.