COVERAGE GAP

Mortgage Rates Surge Above 7%, Borrowers Seek ARM Mortgages

US mortgage rates rose above 7% to their highest level in more than two years, pushing borrowers toward riskier adjustable-rate mortgages.

COVERAGE GAPLEFT SOURCES ONLY

WHAT'S CONFIRMED

▸Mortgage rates surged above 7% to levels not seen in over two years. — Bloomberg Markets, CNBC

NOT REPORTED ELSEWHERE

▸Nearly 10% of borrowers opted for riskier adjustable-rate mortgages last week seeking lower rates. — CNBC
▸Higher borrowing costs will likely further stall the already-suppressed housing market. — Marketplace

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