Mortgage rates soar past 7%, first time in two decades

Mortgage rates soar past 7%, first time in two decades

By Lizzie Kane and Prashant Gopal | Bloomberg
Mortgage rates in the US crossed 7% for the first time in more than two decades.
The average for a 30-year, fixed loan rose to 7.08% from 6.94% last week, Freddie Mac said in a statement Thursday. That’s the first time the measure has climbed past 7% since April 2002.
Mortgage rates have more than doubled this year, throwing cold water on the frenzied…

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