HOUSING SQUEEZED: Mortgage Rates Jump to 7.28%, Highest in 3 Years...

The mortgage rate jumped to 7.28%, marking the highest point since late 2021, as borrowing costs continue climbing in response to persistent inflation and Federal Reserve interest-rate decisions. This surge directly impacts home affordability—monthly payments on a typical $400,000 mortgage would exceed $2,700, up significantly from earlier in the year when rates hovered near 6%. Higher borrowing costs are cooling buyer demand and putting downward pressure on home prices in many markets, though regional effects vary widely depending on local inventory and economic conditions.