Mortgage Rates Edge Even Closer to 7%: Freddie Mac

Mortgage rates are likely to stay in the 6% to 7% range for the time being, say analysts, as the U.S. economy continues to fight off persistent inflation and the fears of an economic recession. Combined with the tight labor market and wage growth that remains “above what is consistent with 2 percent inflation,” Powell anticipated the Federal Reserve would have to continue its aggressive monetary policy for a longer period of time. Markets are now looking to the next jobs report, set to be released on March 10, for guidance as to what the central bank will do at the next Federal Open Market Committee meeting later this month — and how the Fed’s moves might affect interest rates.

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