Mortgage Rates Surpass 7% For First Time In 20 Years

• The 30-year fixed interest mortgage rate surpassed 7% for the first time since 2002.
• That’s up from 2.86% a year ago, and up nearly 2 percentage points just in the past month.
• Predictably, applications for refinancing and mortgages have fallen sharply as the rate has spiked.

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