Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Seen Rising Above 7 Percent

A home for sale is seen in Orlando, Fla., on Dec. 8, 2020. Sales of previously occupied U.S. homes slowed for the fourth consecutive month in May as climbing mortgage rates and prices discouraged many would-be buyers. The National Association of Realtors said Tuesday, June 21, 2022, that existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million. AP Photo/John Raoux, File

Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation.

The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent.