On Friday, the average 30-year fixed mortgage rate jumped to 7.19%. Over the past few months, mortgage rates have climbed back up. Financial markets, which have reacted to stronger-than-expected labor market data, are now factoring in higher probabilities of the Fed maintaining higher interest rates for a prolonged period.
This 7.19% mortgage rate is the second highest recorded by Mortgage News Daily since early November. It was surpassed only by the 7.22% rate reached in July.
