Mortgage rates rise to over 7%

For the first time since April 2002, mortgage rates have risen to over 7 percent, currently 7.08 percent compared to 6.94 percent last week. One year ago, mortgage rates were 3.19 percent.

This is a 56 percent increase in the monthly payment for the same amount borrowed in October 2021.

In 2002, a median single-family house in California cost $317,000; today it’s $822,000.

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