U.S. mortgage rates exceed 7%, reaching a two-year high

Mortgage rates in the United States have risen to their highest level in over two years, with the contract rate for a 30-year fixed mortgage increasing to 7.12%. The rate for a 5-year adjustable-rate mortgage has decreased to 6.1%. As borrowing costs climb, the MBA Purchase Index has fallen by 0.8%, and the Refinance Index has dropped by 2.6%.