US 30-year mortgage rates exceed 7% for the first time in two years

US Government: The U.S. government includes the federal institutions responsible for economic policy, financial regulation, and housing programs. It is relevant to this news because federal monetary and fiscal conditions, including Federal Reserve policy and Treasury-market movements, influence the borrowing costs that underpin U.S. mortgage rates. Benchmark data: Freddie Mac reported that its weekly average for the 30-year fixed-rate mortgage had risen for several consecutive weeks before the rate moved above seven percent. Market drivers: Recent reporting attributes the increase partly to higher Treasury yields, with inflation concerns and rising energy prices contributing to upward pressure on rates. Housing affordability: Rising mortgage rates are increasing borrowing costs and adding pressure to an already constrained U.S. housing market.