Mortgage Rates Are Now Over 7%, But It's Complicated

Mortgage News Daily reports Yes, Mortgage Rates Are Now Over 7%, But It's Complicated

For our purposes today, we're mainly focused on the presence of points and, to a lesser extent, the variations between lenders. As always, any rate you see in a major rate index or survey will assume essentially no "hits" (no upward adjustments to the rate or the upfront costs due to the particulars of your scenario).

The same is true of our daily rate tracking, which is now over 7%. But it's important to note that you may or may not actually see a rate quote of over 7%. To truly understand why, you'd need a basic understanding of how mortgage-backed securities (MBS) translate to mortgage rates (there's a primer for that).