Mortgage rates hit above 7% for first time since 2002

According to Freddie Mac, mortgage rates rose again this week hitting above 7% for the first time since 2002.

COLUMBIA, S.C. (WOLO)— According to Freddie Mac, mortgage rates rose again this week hitting above 7% for the first time since 2002.

The company says the 30-year fixed-rate mortgage averaged 7.8%  in the week ending October 27 which is up from 6.94% the week before.

Rates have risen almost every week since late August and have more than doubled since the start of 2022.