US Mortgage Rates Hit Highest Level Since 2025 Amid Inflation Concerns

Mortgage rates have hit their highest level in over a year, reaching 6.71% this week according to Freddie Mac.

This increase is largely due to turmoil in the bond market and renewed concerns about inflation, which has been above the Federal Reserve's 2% target for more than five straight years.

Higher rates can add hundreds of dollars to monthly payments, reducing how much buyers can afford and shrinking the pool of people able to enter the market at all.

The continued upward pressure on mortgage rates has put the housing market in a bind, leaving homes sitting on a market few buyers can afford to be in.