Mortgage rates soar to seven-year highs

Mortgage rates are at their highest levels since April 2011.According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.90 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) The 19-basis-point jump (a basis point is 0.01 percentage point) was the largest one-week spike in the 30-year rate since November 2016, when it increased 37 basis points. The 30-year fixed rate was 4.71 percent a week ago