Mortgage rates jump to highest level since March on hotter inflation reports
Real estate
An exceptionally hot read on inflation early Wednesday, the government's Producer Price Index, or PPI, sent bond yields higher, and mortgage rates followed. Rates had already been surging higher earlier this week on news of more trouble in negotiations over the Iran war. The average rate on the popular 30-year fixed mortgage rose Wednesday to 6.57%, according to Mortgage News Daily. It is now 15 basis points higher than it was last Friday, and it is sitting at the highest level since March,
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