Rates have skyrocketed since January, when the 30-year rate averaged 3.22% and a 15-year rate averaged 2.43%.
CLEVELAND, Ohio — Interest rates continue to rise in the U.S., surpassing 7% for the first time in 20 years
“The 30-year fixed-rate mortgage broke 7% for the first time since April 2002, leading to greater stagnation in the housing market,” said Sam Khater, Freddie Mac’s chief economist.
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