Mortgage rates

The 30-year fixed rate is now at levels last seen in the summer of 2007, according to data from Freddie Mac.

The recent spike in interest rates has also led to elevated ARM activity, which accounted for over 10% of all applications.

These refinance transactions are being driven by the homeowner's need for cash, according to Black Knight

BayFirst Financial Corp. said it initiated the process of shuttering its out-of-state network of residential mortgage loan production offices.

Inflation and recessionary concerns affected movements in the benchmark 10-year Treasury, itself at an 11-year peak, Freddie Mac said.

Bond traders are girding for the risk that Federal Reserve Chair Jerome Powell is ready, willing and able to plunge the U.S. into recession to get the inflation bogey under control.

The only way to address inflation is for Congress to fix issues around home supply and demand, the National Housing Coalition said in reaction to the Federal Reserve's move Wednesday.

Some predict that by the middle of next year, the 30-year fixed could be priced 150 basis points lower.

Both the 30- and 15-year averages are now more than 3 percentage points higher from their levels of one year ago.

The 15-year average crossed the 5% threshold for the first time in over a decade.