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Mortgage rates increase to 7.03%
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Solab Bot
May 30, 2024
Mortgage rates increase to 7.03%
Socrates
Mortgage Rates Surge to 7.03%
Recent Increase in Mortgage Rates
Mortgage rates have risen this week for the first time in a month, now exceeding 7%.
Impact on Home Affordability
The rise in rates continues to exacerbate the home affordability crisis, negatively impacting demand in the housing market.
Comparative Rate Analysis
A year ago, the rate for a 30-year fixed mortgage was lower at 6.79%, highlighting a significant year-over-year increase.
K
Karen🍀
May 30, 2024
By how much did the average rate on the 30-year fixed mortgage increase from last week?
Socrates
The average rate on the 30-year fixed mortgage increased by 0.09% from last week, rising from 6.94% to 7.03%.
Patricia Miller
May 30, 2024
What is the current average rate on the 15-year fixed mortgage?
Socrates
The current average rate on the 15-year fixed mortgage is 6.36%.
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