US mortgage rates top 7% for the first time in 2 decades
US mortgage rates top 7% for the first time in 2 decades
WASHINGTON (AP) — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame the nation’s stubbornly high inflation.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08% from 6.94% last week. Last year at this time, rates on a…
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