Mortgage rates in the US have inched back up after dropping last week. The 30-year fixed-rate averaged a little over seven per cent at the end of this week, according to home loan company Freddie Mac. A year ago, that same rate stood at a little less than three per cent. Mortgage rates have been going up throughout 2022, mostly because the Federal Reserve has been hiking interest rates to try to control soaring inflation. But high mortgage rates mean many buyers are pushed out of the market, and the ones that remain often look at houses with a lower price point.
