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Mortgage Rates Rise to Near a 21-Year High, Says Freddie Mac
The cost of a 30-year fixed-rate mortgage (FRM) rose to 7.09% today, its highest level in 21 years, according to the Primary Mortgage Market Survey (PMMS) results released by Freddie Mac today.1 Key Takeaways • The 30-year fixed-rate mortgage averaged 7.09% as of August 17, a level not seen since 2002. • In the past 21 years, 30-year fixed mortgage rates have peaked at 7.18%, hitting 7.08% as recently as November last year. • Higher treasury yields are pushing mortgage rates up while a low inventory of homes for sale is keeping home prices high, a double-whammy for housing affordability. • Experts don't ... (full story)