Economics
US Mortgage Rates Soar Past 7% for First Time in Two Decades
- Housing market is slowing with prices falling from peaks
- Freddie Mac economist says buyers are choosing to wait and see
Photographer: Bing Guan/Bloomberg
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Mortgage rates in the US crossed 7% for the first time in more than two decades.
The average for a 30-year, fixed loan rose to 7.08% from 6.94% last week, Freddie Mac said in a statement Thursday. That’s the first time the measure has climbed past 7% since April 2002.