Mortgage rates hit 7-year high
Long-term U.S. mortgage rates leaped this week to their highest levels in seven years amid global anxiety over rising interest rates that has gripped financial markets. Costs for wouldbe homebuyers are climbing. Mortgage buyer Freddie Mac says the rate on
30-year, fixed-rate mortgages jumped to an average
4.90 percent this week from
4.71 percent last week. That’s the highest level for the benchmark since 2011.