US mortgage rates surged this week, rising to their highest level in 21 years.
The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before. Rates have been above 6.5% since the end of May and climbing higher since mid-July. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%.
I unfortunately wasn't able to refinance, but I'm still significantly below 4%. I don't think I could afford to buy my own house today with current rates and house values because my mortgage would more than double.