Real Estate

Mortgage rate soars after strong economic data


A sign advertising home mortgage services at a Bank of America branch in Manhattan Beach, Calif.

Patrick T. Fallon | Bloomberg | Getty Images

The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November.

Mortgage rates follow loosely the yield on the 10-year Treasury, which leapt higher following a much stronger-than-expected employment report from ADP.

Rates had already begun rising last week, following signals from Federal Reserve Chairman Jerome Powell that the central bank may continue raising interest rates following a pause in June.

In remarks to Congress just after the June Fed meeting,…


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