Strength in the Economy Keeps Mortgage Rates Above 7% Mark

Mortgage rates have topped 7% for the fifth consecutive week, as Freddie Mac reports the 30-year fixed-rate mortgage (FRM) averaging 7.18, up six basis points from last week’s average of 7.12%. A year ago at this time, the 30-year FRM averaged 6.02%. “Mortgage rates inched back up this week and remain anchored north of 7%,”…