US Mortgage Rates Surge Past 7%
US mortgage rates have surged past 7%, reaching their highest level in over two years, according to data from the Mortgage Bankers Association and Freddie Mac. The average 30-year fixed-rate mortgage rate jumped to 7.12% this week, up from 6.97% last week. This increase comes amidst rising inflation, higher oil prices, and increasing Treasury yields. The surge in mortgage rates is hitting housing demand, with overall mortgage applications falling to a 15-month low and more borrowers turning to adjustable-rate mortgages.55 sourcesSee all sources
