Mortgage rates continue to rise

Rates on 30-year fixed-rate mortgages hit 6.7 percent in October, approaching a two-decade peak. Last year at the same time, rates were at 3.1 percent, which reveals the significant change the market has experienced. Of course, brokerages, agents and consumers across the country have been feeling this change acutely for months as the market shifts from an extremely hot seller’s market to one that is more balanced.