Mortgage Rates Climb Toward 7% as Stubborn Inflation and Strong Job Growth Pressure the Housing Market
WASHINGTON — Mortgage rates surged to near-historic highs for the year as a potent mix of stubbornly persistent inflation, geopolitical conflict, and an unexpectedly resilient labor market sent shockwaves through the financial sector. According to market data provided to consumers, the average interest rate on a benchmark 30-year, fixed-rate mortgage jumped to 6.98% APR. The…
