Lawrence Summers, the former Secretary of Treasury under the Clinton administration, has warned that home mortgage rates are set to climb even higher.
“The U.S. 10-year rate just crossed above 4 percent. Mortgage rates comfortably exceed 7 percent. We are now in new financial territory,” Summers noted in a tweet on Sept. 28. The average contract rate on a 30-year fixed-rate mortgage rose by 27 basis points, to 6.52 percent for the week ended Sept. 23, according to the Mortgage Bankers Association (MBA).
