US 30-year mortgage rates top 7%, highest in Trump presidency
US mortgage rates have exceeded 7.0 per cent, data showed Thursday, reaching their highest level since Donald Trump returned to the presidency as voters grapple with high costs of living ahead of midterm elections.
The popular 30-year fixed-rate mortgage averaged 7.03 per cent as of Thursday, a stark uptick from 6.30 per cent the same period a year ago.
This is the highest average level since January 16 last year, just days before Trump returned to the White House, according to data from mortgage finance giant Freddie Mac.
Affordability is a major concern for US voters just weeks before key midterm elections in November.
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