Wednesday, December 7, 2022
Homeadjustable ratemortgageWhat a 7% Mortgage Rate Really Means for Your Monthly Payment

What a 7% Mortgage Rate Really Means for Your Monthly Payment

This week the long-term U.S. mortgage rate jumped to 7.08%, according to the Federal Home Loan Mortgage Corporation (aka Freddie Mac). This is a 0.14 percentage point increase from a week earlier, making it the first time in more than two decades that the mortgage rate has been over 7%.

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