According to Freddie Mac, the average 30-year fixed mortgage rate is currently 6.7%, up a full percentage point from a month ago and more than double what it was at the start of 2022.
The Consumer Price Index also has increased by 8.3% over the previous 12 months.
In an effort to bring inflation under control, the Federal Reserve is expected to raise the federal funds target rate twice more this year, following increases at its previous five meetings.
Mortgage rates are occasionally raised even though they are not directly related to the federal funds rate because of investor predictions of how such increases would affect the economy.
