Mortgage Rate: 4 year high

Mortgage demand dips as 30-year rate hits 4-year high of 6.66%

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.66%, up 0.05 percentage point from the previous week, and matching a four-year high touched two weeks ago.

Fixed 15-year mortgage rates averaged 6.22%, down from 6.23%. Rates on one-year adjustable-rate mortgages (ARMs) increased to 6.09% from 6.02%.