Rates are surging to the highest level in 7 years

Mortgage rates are surging to the highest level in 7 years

The average contract rate on the 30-year fixed will likely end the day as high as 4.875 percent for the highest creditworthy borrowers and 5 percent for the average borrower. Tuesday’s move follows positive economic data in retail sales, suggesting that newly imposed tariffs would not hit sales as hard as expected.

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Source: CNBC