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Housing Market Slumps as Mortgage Rates Top 7%

Posted on AllSides April 18th, 2024
From The Center
David Ryder/Bloomberg News

The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.

The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year.

Existing home sales in March, meanwhile, posted their biggest monthly...

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https://www.wsj.com/economy/housing/home-sales-mortgage-rates-march-report-4a501537

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