Average Rates Hit Over 20-Year High
Mortgage rates hit their highest level in more than 20 years last week, breaking 7% on average and adding extra weight to Americans’ heavy housing burden. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.09%, up from 6.96%. A year ago at this time, the 30-year FRM averaged 5.13%. The 15-year…