U.S. mortgage rates hit their highest levels in 22 years.

<div class="block">U.S. mortgage rates hit their highest levels in 22 years.</div>

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Mortgage Rates Hit Highest Levels Since June 2001

Take a look at the business headlines that you need to know us mortgage rates hitting their highest level in 22 years. The average 30 year fixed mortgage rate was 7.2% this past week. According to data from Fed Mac, up 7.1% from the week before and 5.5% from a year ago. It's the highest weekly average rate since the first week in June of 2001. And that week, the average rate was 7.2%. Mortgage rates have been climbing in recent months as the FED has raised rates to combat inflation.