Take a look at the business headlines that you need
to know us mortgage rates hitting their highest level in
22 years. The average 30 year fixed mortgage rate
was 7.2% this past week. According to data from
Fed Mac, up 7.1% from the week before and
5.5% from a year ago. It's the highest weekly
average rate since the first week in June of 2001
. And that week, the average rate was 7.2%
. Mortgage rates have been climbing in recent months as
the FED has raised rates to combat inflation.