Mortgage Rates Near 7% as Homebuyer Demand Drops Amid Rising Insurance Costs

Mortgage rates continued climbing this week, with the 30-year fixed rate hitting 6.94% and nearing 7%
Higher rates dampened homebuyer demand, as pending home sales dropped 4.9% in January
Florida has the nation's highest homeowners insurance rates, averaging $9,213 per year, driving away buyers
Oklahoma and Mississippi also have high insurance premiums, prompting prospective buyers to look elsewhere
Nationally, homeowners insurance rates rose 12% this year, with the average now at $1,770 annually