Mortgage Rates Rise to 6.7%, Highest Since 2007

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The average rate on a 30-year fixed mortgage climbed to 6.7%, according to a survey of lenders released Thursday by Freddie Mac. 

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lt was the highest rate since July 2007. A year ago, rates were 3.01%.

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The surge in mortgage rates follows a series of interest-rate increases from the Federal Reserve. 

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The central bank has moved aggressively to try to cool the highest inflation in decades, raising its benchmark rate five times this year. 

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Officials have indicated more increases are likely in the months ahead.

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Mortgage rates usually rise or fall in tandem with the benchmark 10-year Treasury yield,

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not the rate set by the Fed, but the 10-year yield is heavily influenced by expectations for Fed rates.

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The 10-year yield has ricocheted this week during broad turmoil in the bond markets.

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On Wednesday, the 10-year yield briefly touched 4%, its highest in more than a decade.

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It fell sharply later that day, notching its biggest one-day decline since 2009.

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