Mortgage Rates Surge Above 7% — Michigan Homebuyers, Builders Feel The Squeeze
Michigan homebuyers are confronting another affordability squeeze as 30-year mortgage rates climb above 7%, while home prices remain nearly 6% higher than a year ago. The impact could extend beyond buyers to home builders, mortgage lenders and consumer spending across the state. ANN ARBOR — Mortgage rates have surged above 7% for the first time









