Mortgage Rates Soar Above 6.70%, Further Hike Expected

Homebuyers are facing another disappointment as mortgage rates have surpassed 6.70% and are likely to remain at this level through the end of the year, according to Joel Berner, a senior economist at Realtor.com.

This is due in part to the Federal Reserve's expected rate hike after its September meeting, which was predicted by Bank of America Global Research.

The increase is attributed to higher-than-expected inflation driven by the war in Iran, and experts now expect the Fed to raise interest rates at least once this year.

While this may be bad news for homebuyers, it could encourage some would-be buyers to enter the market due to increased clarity after months of uncertainty.