US Mortgage Rates Soar to Two-Year High Amid Fed Rate Hikes

The average US fixed 30-year mortgage rate has risen to its highest point in over two years, reaching 7.12% last week according to the Mortgage Bankers Association.

This increase is partly due to the Federal Reserve's decision to raise short-term interest rates to combat inflation and rising oil prices.

The Fed's policy rate now ranges from 3.75%-4.00%, with nearly all policymakers projecting at least one more rate hike by the end of this year.