Mortgage rates surge to 21-year high

Mortgage rates have climbed to their highest levels in 21 years, according to data released by Freddie Mac on Thursday.

The 30-year fixed-rate mortgage averaged 7.09% over the week ending on Thursday, marking a significant increase from 6.96% the week prior, the data showed.

The Federal Reserve has put forward an aggressive string of interest rate hikes as it tries to slash inflation by slowing the economy and choking off demand.

That means borrowers face higher costs for everything from car loans to credit card debt to mortgages.

When the Fed imposed its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%, Mortgage News Daily data shows.