If you've been dreaming of buying a home or refinancing your current one, you've probably been watching mortgage rates like a hawk. But what if those rates are now suddenly much higher than you expected, and why did they jump so fast?
Mortgage rates just hit their highest point in months, surprising many who expected them to stay steady or even drop.
After a period of relative stability, the average 30-year fixed mortgage rate recently climbed above 7.2%, a significant increase from earlier in the year.