Mortgage Rates Surge to Highest Level in Months.
TL;DR Summary
The average long-term US mortgage rate rose to 6.79% this week, the highest level since November, due to the market pricing in the likelihood of another Federal Reserve rate hike. The 15-year fixed mortgage rate also rose to 6.18%. The housing market has been slow to recover this year due to elevated mortgage rates and a thin inventory of homes on the market. The higher rates have reduced demand for mortgage refinancing loans, which slumped 72.5% in the first quarter from a year earlier.
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