30-Year Mortgage Rate Hits 7.03% for Week Ending Sept. 24

7.03% was the average U.S. rate on a 30-year fixed home loan locked for 30 years for the week ending Sept. 24, per Federal Reserve Economic Data, up from 6.91% on Sept. 8, per The Wall Street Journal. That means higher monthly payments for borrowers. I see little reason to refinance or swap to a loan above 7%.