Rates on 30-year fixed rate loans rose to 6.93% from 6.91% last week. Rates on 15-year mortgages ticked up to 6.14%.
The 30-year fixed rate mortgage continues to close on the 7% mark. With political uncertainty and the U.S. economy remaining strong, it could keep going up.
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Mortgage rates continued to climb this week, with the 30-year fixed rate notching up toward 7% while housing demand remains stalled amid elevated rates and home prices.