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Mortgage Rates Jump Above 7% for First Time Since 2002

Monday, Oct 31 2022
Lending
Written by  The Mortgage Leader

U.S. long-term mortgage rates have crossed the psychologically important 7% milestone as they continued to climb, reaching their highest level since 2002. So reports the Associated Press.

Freddie Mac 150x150The 30-year fixed-rate mortgage averaged 7.08% for the week ending October 27, according to Freddie Mac, up from 6.94% a week ago and 3.14% at the same time last year.

“We’re really viewing this as a spike in mortgage rates that is pretty dramatically impacting affordability in the market, really sharply curtailing demand," Mortgage Bankers Association economist Mike Fratantoni says.

Read the full article from Associated Press.

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