Mortgage rates jumped to almost 7% as the housing market begins to cool in response to rising rates.
The average rate for a 30-year fixed mortgage increased as homebuyers have watched rates steadily rise over the past six months.
According to Freddie Mac, mortgage rates hit 6.7% last week, while the Mortgage Bankers Association put the rate for a 30-year fixed mortgage at around 6.52%. The Mortgage News Daily, which posts a daily average of rates, estimates that the rate for that same type of mortgage is around 6.65%.
