US 30-year mortgage rates top 7%, highest in Trump presidency

US mortgage rates have exceeded 7.0 per cent, data showed Thursday, reaching their highest level since Donald Trump returned to the presidency as voters grapple with high costs of living ahead of midterm elections.The popular 30-year fixed-rate mortgage averaged 7.03 per cent as of Thursday, a stark uptick from 6.30 per cent the same period a year ago.This is the highest average level since January 16 last year, just days before Trump returned to the White House, according to data from mortgage finance giant Freddie Mac.Affordability is a major concern for US voters just weeks before key midterm elections in November.War in the Middle East, which unfolded after US-Israel strikes on Iran in late February, has caused fuel prices to surge as Tehran retaliated by blocking a vital waterway for energy transit.The costs of regular petrol, which US households rely on, and diesel needed by farmers and truckers have both rocketed - putting pressure on consumers and businesses alike.Higher diesel costs in turn threaten to filter through the world’s biggest economy more broadly.