Real Estate

Mortgage demand drops again as rates cross back over 7%

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Contractors work on concrete slabs in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, on Thursday, March 31, 2022.

David Paul Morris | Bloomberg | Getty Images

The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. That is the highest level since early March.

Rates have been rising on a combination of concerns among investors. First, uncertainty over what the Federal Reserve will do with interest rates, given a still strong economy; second, the battle over raising the debt ceiling and the possibility of a U.S. default.

Both of those already had rates climbing last week with mortgage…



Source cnbc.com

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