With mortgage rates surging to the 7% mark, industry observers believe that a new refi wave won’t return for several years. Lenders have started to prepare their businesses for at least two more years of reduced production. 

The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage surged 26 basis points from last week to 6.92%, a record-setting climb to its highest level since April 2002. A year ago at this time, rates averaged 3.05%.

“We continue to see a tale of two economies in the data: strong job and wage growth are keeping consumers’ balance sheets positive, while details ⇒

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