Mortgage rates hit 7-year high as ultra-cheap era ends

"Mortgage rates this week jumped to their highest level since 2011, signaling a shift from a period of ultracheap loans to a higher-rate environment that could slow home price appreciation and squeeze first-time buyers," The Wall Street Journal's Laura Kusisto and Christina Rexrode write (subscription):

Be smart: "A one percentage point increase in [mortgage] rates can lead to a reduction in home sales of 7% to 8%."