Mortgage rates top 7% for the first time this year, Freddie Mac says

NEW YORK - U.S. mortgage rates increased by the most since June and also crossed the 7% threshold for the first time since December, muddling home sales growth, a Thursday report said.

“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year," said Sam Khater, Freddie Mac's chief economist."Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”

High mortgage rates last year contributed to limited housing inventory, following the Federal Reserve's rate hike campaign launched in 2022.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.

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