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Mortgage Rates Hit 15-Year High At 6.7% — More than Double Since Last Year

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(Worthy News) – Rates for home loans continued to surge for the sixth consecutive week, now reaching the highest level in more than 15 years as more home shoppers retract from the market.

The 30-year, fixed-rate mortgage averaged 6.7% for the week ending September 29, up from 6.29% one week ago, according to Freddie Mac. That’s more than double the rate at the start of the year, when it was 3.22%, and the highest since July 2007. Skyrocketing rates coupled with higher home prices have caused homebuyers to pull back as existing home sales fell for the seventh consecutive month in August, according to the National Association of Realtors (NAR).

The 15-year, fixed-rate mortgage averaged 5.96%, versus 5.44% last week. A year ago at this time, it averaged 2.28%. [ Source: Forbes (Read More…) ]

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