U.S. 30-year mortgage rate hits 7.12%, highest since May 2024

US 30-year fixed mortgage rates have climbed to 7.12%, marking the highest level since May 2024 and the peak in over two years. This sharp increase in borrowing costs is being driven by current Fed policy and ongoing geopolitical tensions. The rise reflects a significant shift in the lending landscape, impacting homeowners and potential buyers as rates hit these multi-year highs according to recent financial reports and market data from Crypto Briefing.