Economics
Mortgage Rates in US Surge to 20-Year High, Reaching 6.92%
- Economist warns coming months will ‘undoubtedly be important’
- Other measures point to borrowing costs climbing past 7%
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Mortgage rates in the US jumped to the highest since April 2002.
The average for a 30-year, fixed loan climbed to 6.92% from 6.66% last week, Freddie Mac said in a statement Thursday.