Mortgage Rates Surge, Closing in on 7%

For the sixth week in a row, mortgage rates have surged, closing in on 7%.

According to CNN Business, the Fed’s aggressive rate hikes are having the intended effect of easing demand, particularly in housing. As a result of the higher rates, home prices have softened and sales have decreased. But there is still a shortage of available homes for sale, which has kept prices elevated.

The Fed’s efforts to curb inflation are having a profound impact on the mortgage market, said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

“Mortgage rates have increased more than a percentage point in the past six weeks, and refinance and purchase applications continue to decrease on both a weekly and annual basis,” he said.

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