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    Mortgage rates top 7% for the first time since 2002

    LOS ANGELES — The cost of buying a home took another leap this week, as the average rate on the popular 30-year fixed-rate mortgage surpassed 7% for the first time since 2002. It was just last month that rates climbed above 6% for the first time in 14 years. The latest dramatic jump makes a home purchase even more unaffordable and stands to further slow a market already reeling from the rising ...
    by Andrew Khouri, Los Angeles Times Oct 27, 2022 3 minutes
    A' for sale' sign hangs in front of a home on June 21, 2022 in Miami.

    LOS ANGELES — The cost of buying a home took another leap this week, as the average rate on the popular 30-year fixed-rate mortgage surpassed 7% for the first time since 2002.

    It was just last month that rates climbed above 6% for the first time in 14 years. The latest dramatic jump makes a home purchase even more unaffordable and stands to further slow a market already reeling from the rising borrowing costs.

    "It's crazy," said Tressa Pope, a Los Angeles-area mortgage broker. "Rates rose so rapidly that people weren't

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