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Mortgage rates hit seven-year high

The 30-year fixed rate jumped up 19 basis points in a week, moving to the highest level in seven years, Freddie Mac reported.

As of Thursday, the rate averaged 4.9 percent, the highest mark since April 14, 2011, Freddie reported. A year ago, the rate averaged 3.91 percent. Other key rates also rose significantly.

“Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand,” Freddie’s Chief Economist Sam Khater said.

“While the monthly payment remains affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment and that is the reason home sales have decreased in many high-priced markets,” Khater said.

The 15-year fixed rate rose to 4.29 percent, up 14 basis points. Five-year adjustable rates increased six basis points to 4.07 percent. 


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