With mortgage rate topping 7%, what will it take to soften the market?

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With mortgage rate topping 7%, what will it take to soften the market?

Mortgage rates have exploded, again. Last week, the Freddie Mac 30-year fixed was 6.88%. This week, it landed at 7.1%, or 22 basis points higher. Just a week ago, the principal and interest payment on a $750,000 loan was $4,929 on a 30-year fixed rate, assuming a 6.88% rate. This week, that principal and interest payment is $5,040 or $111 more per month. Also see: Locked in: Homeowners with mortgage rates too good to give up “The 30-year fixed-r…