Just about everyone expects the Federal Reserve to continue its monetary tightening, raising interest rates later this year. This has led Mortgage bankers to hike their charges. For the second time this interest rate cycle, interest on a 30-year fixed-rate residential mortgage has topped 7%. The last time was in October-November of 2022.
The chart below shows the acceleration in mortgages and the Fed Funds Rate.
Here’s the original announcement by the Mortgage Bankers Association: