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Mortgage Rates Rise for Fifth Week, Near 7%

U.S. long-term mortgage rates have posted a fifth consecutive weekly increase, to their highest point since topping 7% last fall. So reports the Associated Press.

arrow 156792 640smallAccording to Freddie Mac, the 30-year mortgage rate averaged 6.73% in the week ending March 9, up from 6.65% last week and 3.85% a year earlier.

Uncertainty about inflation and the Federal Reserve’s plans for interest rates have persisted as the housing market heads toward its spring buying season.

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