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- That Was Fast: Mortgage Rates Re-Spike To 7% Range as it Sinks in That the Fed Won’t Cut Rates “Anytime Soon,” Mortgage Applications Plunge to 1995 Levels. Even Investors Pull Out.
That Was Fast: Mortgage Rates Re-Spike To 7% Range as it Sinks in That the Fed Won’t Cut Rates “Anytime Soon,” Mortgage Applications Plunge to 1995 Levels. Even Investors Pull Out.
by Wolf Richter Wolf Street
Spring selling season was a dud. But what comes next may be worse, that’s what mortgage applications and investors tell us.
The 7% mortgages are back. The average interest rate on 30-year fixed-rate mortgages with conforming balances jumped to 6.91%, the highest since November, according to the weekly measure by the Mortgage Bankers Association today.
The daily measure by Mortgage News Daily already went over 7% a few days last week and earlier this week.