Reported 12 months ago
US mortgage rates rose above 7% last week, leading to a decrease in applications for home purchases. The 30-year fixed mortgage rate increased to 7.03%, with the biggest rise in over two months, while the five-year adjustable-rate mortgage climbed to a three-week high of 6.38%. A drop in the index of mortgage applications for home purchases indicates that potential buyers are sensitive to changes in borrowing costs, suggesting a challenging road to recovery for the housing market.
Source: YAHOO