Key facts
- The average rate for a 30-year fixed mortgage in the US climbed to 7.03% on Thursday.
- This is the highest level for this mortgage rate since November 2002.
- The previous week's average rate was 6.94%.
- The Federal Reserve has been raising interest rates to combat inflation.
The average rate on a 30-year fixed mortgage in the US has climbed to 7.03%, its highest point since November 2002, according to data released Thursday. This marks a significant increase from the 6.94% recorded the previous week. The Federal Reserve's ongoing efforts to combat inflation through interest rate hikes are a primary driver behind the rising borrowing costs for homebuyers.