Mortgage rates soar over 7% - highest since late 2023

I’m Caroline Woods, reporting from the New York Stock Exchange. Here’s what we’re watching on the street today. Stocks are wrapping up a busy week on Wall Street as investors digest hotter than expected inflation data, first quarter GDP and a slew of big tech earnings. The earnings parade will continue with results expected from Amazon, Starbucks, eBay, Apple and more next week. Investors are also looking ahead to the Federal Reserve’s two day policy meeting, which kicks off on April 30th. Analysts are widely expecting the central bank to hold interest rates steady for the sixth straight meeting. And in other news, mortgage rates are showing no signs of slowing. Freddie Mac data showed that the average rate for a 30 year mortgage climbed to 7.1% this week, marking the third straight week of gains. This is the highest level seen since November. Mortgage rates at this time last year were just above 6.4%, but there should be some reprieve ahead. With inflation on a steady decline, rates should fall in tandem. The National Association of Realtors expects that mortgage rates will fall to 6 1/2% by the end of 2024. The housing market has been in crisis mode over the last few years as it contends with higher mortgage rates, painfully elevated home prices and limited inventory. That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with the Street.