US mortgage rates top 7% for first time in 20 months

US mortgage rates top 7% for first time in 20 months

U.S. mortgage rates have risen above 7 percent, reaching their highest level in 20 months following the Federal Reserve's recent decision to increase interest rates. The climb adds pressure to borrowers already facing elevated living costs and limited wage growth, potentially slowing the housing market as higher financing costs deter new home purchases throughout the United States.