U.S. mortgage rates approach 7% as Federal Reserve raises interest rates to combat inflation

In the U.S., mortgage rates have surged to nearly 7%, reaching their highest level in over 14 months. This increase is driven by expectations of higher inflation and the Federal Reserve's recent interest rate hike. As a result, many prospective homebuyers are postponing their purchases, contributing to a slowdown in the housing market and limiting affordability for many.