WASHINGTON (AP) — The average long-term U.S. mortgage rate topped 7 percent for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years.

 

Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08 percent from 6.94 percent last week. The last time the average rate was above 7 percent was April 2002, a time when the U.S. was still reeling from the Sept. 11 terrorist attacks, but six years away from the 2008 housing market collapse that triggered the Great Recession.

 

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https://www.pbs.org/newshour/economy/u-s-mortgage-rates-hit-20-year-high-top-7-percent-after-fed-hikes

 

 

 

 

 

People got so spoiled with those free money rates for so long. The current  rates are closer to historically normal.

Folks with adjustable rates are in for a hurt.