St. Louis Fed, Report: Marginal vs. Average Mortgage Rates

“Since early 2022, the Federal Open Market Committee has increased the target range for the federal funds rate from 0%-0.25% to 5%-5.25%. The higher fed funds rate has driven up interest rates on financial instruments (e.g., Treasury bonds, certificates of deposit and corporate bonds) and loans. Perhaps most notably for everyday households, the 30-year fixed-rate mortgage rose above 6% for the first time since the Great Recession …”