US mortgage rates just jumped the highest in two years

U.S. mortgage rates continue to climb, putting additional pressure on refinancing and homebuying activity across the nation, Bloomberg reports. 

The contract rate on a 30-year mortgage increased 8 basis points to 6.81% last week, the highest since July, according to Mortgage Bankers Association data released Wednesday. In the last five weeks, the rate has risen 67 basis points—the most in two years.

MBA’s gauge of refinancing also dropped for a sixth week to the lowest level since May, marking the longest losing streak since April 2022. The purchase index declined to the lowest since August.

Read the full story.