US mortgage rates have surpassed 7.0%, hitting their highest point since Donald Trump took office, as Americans contend with elevated living costs ahead of the November midterm elections.
The benchmark 30-year fixed-rate mortgage climbed to 7.03% this week, marking a significant rise from 6.30% recorded during the same period last year.
This represents the highest average level since January 16 of last year, just days before Trump’s return to the White House, according to data released by mortgage finance giant Freddie Mac.
Housing affordability continues to weigh heavily on American households as the midterm elections approach, with many voters expressing concern over the rising cost of homeownership and its impact on their financial stability.
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