Mortgage Rates Spike, Sparking Fears They Could Hit 8% or Beyond This Year
Realtor.com / Getty ImagesIt’s as if homebuyers don’t have it tough enough.Mortgage interest rates spiked over the past week, fanning fears they could be heading even higher. Rates averaged 7.09% in the past week, making this the highest they’ve been since April 2002, according to Freddie Mac data.
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Mortgage Rates Top 7% – Highest Level in 2 Decades
A 30-year, fixed-rate loan averaged 7.09% this week, its highest level since it was 7.13% in April 2002. It also exceeds a high of 7.08% hit last fall.
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