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Mortgage Rates Gain for 7th Straight Week in March Toward 8%

Monday, Oct 30 2023
Lending
Written by  The Mortgage Leader

The benchmark U.S. long-term mortgage rate has risen for a seventh consecutive week, exacerbating housing unaffordability. So reports ABC News.

Freddie Mac 150x150According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.79% as of October 26, up from 7.63% the previous week and 7.08% a year earlier.

Sam Khater, Freddie Mac’s chief economist, said in a statement that homebuying “has slowed to a virtual standstill.”

Read the full article from ABC News.

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