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U.S. 30-Year Fixed Mortgage Rate Surges to 7.50%, Pressuring Housing Market
The Mortgage Bankers Association (MBA) reports the 30-year fixed mortgage rate has climbed to 7.50%, marking an increase of 53 basis points over four weeks and 108 basis points over the past year. Additionally, 15-year fixed rates rose to 6.87%, and jumbo mortgage rates reached 7.49%. These elevated borrowing costs are continuing to exert pressure on housing affordability and mortgage demand.
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