30-year mortgage rates hit 7-year high: 4.72%

What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
Rate news summary
From Freddie Mac’s weekly survey: On the heels of prime rate moving up one-quarter to 5.25 percent this week, the 30-year fixed rate averaged 4.72 percent, up 7 basis points from last week – the highest rate since April 2011. The 15-year fixed averaged 4.16 percent, up 5 basis points from last week.
The Mortgage Bankers Association reported loan application