U.S. mortgage rates surged higher on Monday, after a number of weeks of sitting stagnant, following the agency of $MCO decision to downgrade the U.S. credit rating. Bond yields rose, after the late Friday announcement & mortgage rates loosely follow the yield on the 10-year Treasury. The average rate on the popular 30-year fixed loan hit 7.04% on Monday, according to Mortgage News Daily. That is the highest level since April 11.
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