Reported about 13 hours ago
Mortgage rates have risen for four consecutive weeks, nearing the 7% mark, as the average 30-year mortgage rate reached 6.93%. This increase follows new economic data indicating robust job openings and persistent inflation, suggesting fewer rate cuts from the Federal Reserve this year. The rise in rates has led to a 7% drop in mortgage applications for new home purchases, despite a slight increase in refinancing applications.
Source: YAHOO