Mortgage rates jump to year-high as inflation and energy costs weigh on housing
TL;DR Summary
Mortgage rates climbed to 6.66% for the 30-year fixed, the highest level in a year, as inflation remains above the Fed’s target and oil prices push yields higher; the weekly increase was the biggest in 10 weeks, and mortgage applications for purchases and refinancing fell, signaling cooling housing demand despite wage growth helping affordability.
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