Mortgage rates inched toward 7% as strength in the U.S. economy prompted investors to expect another rate hike by the Federal Reserve.
The numbers:
That was up 22 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.The average rate on the 15-year mortgage increased to 6.18% from 5.97% last week. The 15-year was at 4.32% a year ago. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.88% as of Thursday afternoon.
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