Mortgage applications to purchase a home plunged and to refinance a home collapsed. The average weekly mortgage rate for conforming 30-year fixed mortgages rose to 7.49% in the current reporting week, the highest since mid-November 2023, according to the Mortgage Bankers Association today.This measure of the average 30-year fixed mortgage rate had been in the 6-7% range for over four years, but briefly broke out in late 2023. During the normal times, before the Fed’s QE and interest rate repression started ...