Mortgage Rates Fluctuate, Demand Remains High
TL;DR Summary
The average long-term mortgage rate in the US fell to 6.69% this week, down from 6.71% last week, but still high compared to earlier in the spring home-buying season. The Federal Reserve's indication of two more rate hikes this year has increased the cost of borrowing, making it difficult for homebuyers to afford homes. Despite spring and summer being the peak home-buying season, home sales have been far below the historical figures as the market remains tight.
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