Mortgage Rates Surge Above 7% Again
TL;DR Summary
The average 30-year fixed mortgage rate has risen to 7.03%, influenced by Federal Reserve signals on inflation and potential rate hikes. This increase has dampened homebuying and refinancing activity, with mortgage demand down 10% from last year. The "lock-in effect" is causing many homeowners to stay put, contributing to a shortage of available homes for sale.
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