Mortgage rates just hit the highest level since 2023, further complicating the economic picture as inflation remains high and investors grow increasingly concerned about the federal government’s fiscal footing.
As of Friday, the average rate on a 30-year fixed-rate mortgage has risen to 7.53%, according to Mortgage News Daily, which tracks rates daily. That is up considerably from around the start of the year, when mortgage rates were just above 6%.
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