Your dream of owning a home or refinancing might feel a bit further away right now. Mortgage rates just hit their highest point in months, and understanding why could save you a lot of money.
Mortgage rates have recently surged to their highest levels since July, crossing the 7% mark for a 30-year fixed mortgage.
This uptick means borrowing money for a home loan is now significantly more expensive than it was just a few months ago, affecting affordability for many potential buyers.