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"Inflation Pushes US Mortgage Rates Toward 7%: Homebuyers Face Tough Decision"

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Source: Fox Business
"Inflation Pushes US Mortgage Rates Toward 7%: Homebuyers Face Tough Decision"
Photo: Fox Business
TL;DR

Mortgage rates for 30-year and 15-year fixed-rate mortgages have risen to 6.88% and 6.16% respectively, driven by sustained inflation and increased demand. Monthly mortgage payments have hit an all-time high, with the average payment at $2,747. High sale prices on homes and rising homeowners insurance costs are contributing to overall high housing costs. Homeowners insurance rates are projected to increase by 6% in 2024, with Florida and Louisiana facing the highest average rates.

Topics:businessfinance#finance#homebuying#homeowners-insurance#housing-costs#inflation#mortgage-rates
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  1. Mortgage rates are nearing 7% as inflation ticks back up: Freddie Mac  Fox Business
  2. Homebuyers' quandary: To wait or not to wait for lower mortgage rates  The Associated Press
  3. Stubbornly high US inflation grew stronger than expected in March  CNN
  4. Average long-term US mortgage rate hovers near 7%  FOX 9 Minneapolis-St. Paul

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