The average 30-year mortgage rate reached 7.12%, its highest since May 2024, marking a significant increase. This rise follows the recent Federal Reserve interest rate hike aimed at controlling inflation. As borrowing costs climb, refinancing and home purchase applications have decreased significantly. The surge in rates has resulted in more borrowers opting for adjustable-rate mortgages. Elevated oil prices and inflationary pressures are contributing factors to the current housing market conditions.
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