Mortgage rates above 7% deemed 'new normal' amid economic factors

• Mortgage rates have been above 7% for an extended period.
• High inflation and competition for investor dollars are contributing to elevated interest rates.
• Economists suggest these conditions are likely to persist.
• The Federal Reserve's recent decision to hold steady has not alleviated the pressure on mortgage rates.
• There is speculation that rates could reach 7.5% despite the Fed's actions.