Mortgage rates are on the rise, nearing 7%, a historical average. Rates have exceeded 7% multiple times in recent years. Forecasts predict rates near 6.7% by year-end. Monitoring the 10-year Treasury note can indicate mortgage rate movements. Factors like inflation, deficits, and stock market trends impact rates.

A $300,000 mortgage at 7% would cost roughly $100 more monthly than at 6.5%, totaling over $35,000 in additional interest. Conversely, a drop to 6% would save $100 monthly and the same interest amount. Predicting mortgage rates beyond a few years is challenging due to economic uncertainties.

Read more at Yahoo Finance: Will mortgage rates go up to 7%? Signs to watch for.