Morning Business Report: Mortgage rates climb, housing cools, small biz battles fraud
The average rate on a 30-year fixed mortgage has surged past 7%, reaching its highest level since April 11
(LILAMAX)- The average rate on a 30-year fixed mortgage has surged past 7%, reaching its highest level since April 11 — a jump that’s already rippling through the housing market. According to Realtor.com, the rate spike contributed to a 3.2% drop in pending home sales in April compared to the same time last year — a particularly sharp pullback during…