Mortgage Rates Exceed 7% for First Time in Over a Year

Why it matters locally: Higher mortgage rates can directly affect the affordability of homes for Kentuckians, potentially slowing down the housing market across the state, including in metropolitan areas like Louisville and Lexington.

---

Average rates for a 30-year fixed mortgage have exceeded 7%. This marks the first time rates have reached this level in over a year. Analysts observed that rates climbed more than a full percentage point since mid-April.