US mortgage rates at 7.542% increase borrowing and refinancing costs
Business
Mortgage rates in the US have climbed to 7.542%.
For anyone thinking about buying a home, this means higher monthly payments and more expensive loans overall.
Even folks who already own homes are finding it harder to refinance or switch to better deals, since rates have jumped for jumbo loans too.
Homeowners consider equity loans, curb renovations
With refinancing less appealing, many homeowners are staying put or looking at home equity loans instead, even though those come with extra costs.
Rising rates are also making people think twice about big renovations; stores like Home Depot and Lowe's have noticed fewer major purchases lately as people adjust their spending in response to these changes.