Mortgage Rates Rise to 6.7%, Highest Since 2007

Mortgage rates have surged to their highest level in over 15 years, which could put pressure on the already cooling U.S. housing market.

According to the Freddie Mac survey of lenders released Thursday, the average rate on a 30-year fixed mortgage has increased to 6.7%.

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The rate was the highest it had been since July 2007 and marked the sixth week in a row that rates had gone up.

This week's mortgage rate was up from 6.29% last week, which is one of the largest increases in a single week that Freddie Mac has tracked in over 50 years.

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.

Mortgage rates usually rise or fall in tandem with the benchmark 10-year Treasury yield, not the rate set by the Fed,