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Mortgage rates surge over the week

Mortgage rates hit a seven-year high this past week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.94 percent, up 11 basis points. A year ago, the rate averaged 3.9 percent. Strong business activity and employment growth drove a surge. The higher rates could soon have a widespread impact on home prices, according to Freddie Mac.

“Higher mortgage rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington,” Freddie Mac Chief Economist Sam Khater said.

“The more affordable interior markets – which have not yet experienced a slowdown home price growth – may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher.”

The 15-year fixed rate averaged 4.33 percent, up 10 basis points. Five-year adjustable rate mortgages also rose by 10 basis points to 4.14 percent. 


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