US Mortgage Rates Hit Over 7 Percent, the Highest in Over Two Decades

US Mortgage Rates Hit Over 7 Percent, the Highest in Over Two Decades
Bryan Jung
Updated:
0:00

Mortgage rates rose above 7 percent for the first time in more than 20 years, as the American housing market continues to decline.

Prior to March of this year, home-borrowing rates were on the way down after a 40-year low, before the Federal Reserve started to increase interest rates to combat out of control inflation.

The last two decades of low interest-rate policies had encouraged growth in the mortgage market, which, excepting the housing crisis in 2007–08, boosted the rate of U.S. homeownership.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
Related Topics