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Mortgage Rates Hit 14-Year High

U.S. mortgage rates, continuing to rise, reach a new high.

According to The Real Deal, the average rate on a 30-year fixed mortgage hit 5.89 percent this week, according to a Freddie Mac survey reported by the Wall Street Journal. Rates are roughly double from what they were a year ago and exceeded a recent pandemic high set in June.

The average rate is the highest Freddie Mac has recorded since 2008.

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