Average Rates Creep Closer To 8%
Average mortgage rates are creeping closer to 8%, piling more lousy news on top of recent sales declines and price spikes. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.63%, up from 7.57%. A year ago at this time, the 30-year FRM averaged 6.94%. On Wednesday, the daily rate hit 8%,…