US Mortgage Interest Rates Surpass 7 Percent

Pending home sales have decreased as economic inflation rises.

A "For Sale" sign in front of a home in Arlington, Va., on Aug. 22, 2023. Andrew Caballero-Reynolds/AFP via Getty Images

Mortgage rates have surpassed the 7 percent mark owing to a rise in economic factors.

The 30-year fixed-rate mortgage, for the week ending Jan. 15 was 7.04 percent, according to data from Loan Mortgage Corporation Freddie Mac.