Mortgage Rates Inch Closer to 8%

Mortgage rates inched closer to 8% this week, the fifth straight week of increases—and there could be more ahead.

“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” Sam Khater, Freddie Mac’s chief economist, said in a statement. Another group still in the market: buyers using adjustable-rate mortgages to mitigate higher rates. The Mortgage Bankers Association on Wednesday said that applications for adjustable-rate mortgages, or ARMs, increased 15% from the week prior, leading to an increase in overall mortgage applications.

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