Mortgage Rates Keep Climbing, Now Near 8% as Demand Slows
- Mortgage rates continued climb, now nearing 8% as demand falters
- 30-year fixed rate averaged 7.79%, up from 7.63% last week
- 15-year fixed rate averaged 7.03%, up from 6.92% last week
- Rates risen for 7 straight weeks, longest stretch since spring 2022
- Purchase activity at "virtual standstill" due to high rates and prices
