U.S. mortgage rates soar past 7%

Source: Tara Siegel Bernard, N.Y.Times (Paid Registration)

Mortgage rates barreled past the 7 percent mark to their highest level since 2002, as the Federal Reserve’s aggressive interest rate increases, meant to combat inflation, continued to seep through the economy and worry markets.

Rates on 30-year fixed-rate mortgages — the most popular kind among home buyers in the United States — rose to 7.08 percent, up from 6.94 per percent last week and 3.14 percent from this time last year, according to the latest weekly survey by Freddie Mac.

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