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Fact Check Team: What higher interest rates mean for mortgages, borrowers and savers

Mortgage rates are back above 7%, adding to the financial pressure facing prospective homebuyers as the Federal Reserve raises its benchmark interest rate.

Coverage (1)+1 copy· Sep 24, 6:56 PM

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  1. firstBaltimore News
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Struggling US homebuyers, and market, face new hurdles as mortgage rates climb to nearly 7%Mortgage rates climbed for the fourth week in a row, driving the average long-term U.S. home loan rate to just below 7%, its highest level in over 19 months. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.95% from 6.76% last week. One year ago, the average rate was 6.26%. The average rate on 15-year…