30-year mortgage rates soar to 6.7%, highest in 15 years
30-year mortgage rates soar to 6.7%, highest in 15 years
Freddie Mac’s average 30-year fixed rate soared to 6.7% this week, almost one-half point higher than last week’s 6.29% rate and more than double the 3.01% rate from one year ago.
The last time Freddie recorded average rates this high was July 19, 2007, more than 15 years ago.
Refinance mortgage applications have almost vanished, dropping 84% from a year ago, according to the Mortgage Bankers…