US Mortgage Rates Hit Almost Three-Year High
US mortgage rates rose for a sixth straight week. Bloomberg reported rates hit an almost three-year high of 7.3%.
CNBC reported rates on the 30-year fixed mortgage climbed well over 7%. Mortgage demand also dropped for a seventh straight week. Both homebuyer and refinance demand fell as rates increased.
Klear Note — A fixed-rate mortgage keeps the same interest rate throughout its loan term. Refinancing means replacing an existing home loan with a new one.