Mortgage rates climb, sidelining homebuyers

On Mortgage News Daily, the average rate for a 30-year fixed is now up to 7.6%. And as the cost of a mortgage has gone up, the demand for home loans has dipped to a two-year low, according to the Mortgage Bankers Association. Then, some lenders surveyed by the Federal Reserve reported that they’ve been noticing a pickup in delinquencies, as higher costs burden both families and businesses.

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Stories from this episode:

• Higher interest rates have cratered demand for mortgages
• As inflation stretches paychecks, some lenders report "late payment creep"