Mortgage rates could hit 8% — a worrying sign not seen since the Great Recession

With mortgage rates firmly above 7%, homeownership has become much more expensive. But will rates go even higher?

• It’s Likely: Three experts told MarketWatch that if the economy continues to show signs of strength, and the U.S. Federal Reserve hikes its benchmark interest rate once again, rates could go up to 8%.
• Even though the 30-year fixed mortgage rate was averaging 7.26% as of Tuesday evening, the highest level since November 2022, economists say rates could go up further.

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