Homebuyers braving the hot U.S. housing market have run headlong into a striking transition. The average interest rate for a 30-year fixed mortgage jumped from around 3.2% at the beginning of 2022 to 5.3% in mid-May, the highest level since 2009. This rise was sparked by the Federal Reserve's commitment to raise the federal funds rate — a key benchmark for short-term interest rates — to help control the highest inflation in decades.
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Rising Rates Join Long List of Housing Dilemmas
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Rising Rates Join Long List of Housing Dilemmas
Sep 21, 2022
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Rising Rates Join Long List of Housing Dilemmas