Mortgage Rates Continue to Rise, Demand Drops.

Mortgage rates on 30-year home loans have surged for an eighth consecutive day, reaching a six-month high of 7.45%. The 15-year average also rose, but only modestly, and fixed rate refinance loan rates were mixed. The surge in rates is attributed to a complex interaction of macroeconomic and industry factors, including the Federal Reserve's current monetary policy, competition between mortgage lenders, and fluctuations in the bond market.