Mortgage Rates Soar to 6.71%: Time to Brace for Impact

Hold onto your hats! Mortgage rates just soared to 6.71%, the highest in over a year. This means homebuyers and those refinancing are feeling the heat. The 30-year fixed mortgage is still a favorite, but this spike is shaking things up. Higher rates usually cool the buying excitement, especially for first-time buyers. Keep an eye on those Freddie Mac reports; they're key to understanding the lending scene!