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Mortgage rates reach 7.28% but options exist for lower rates

Mortgage rates reach 7.28% but options exist for lower rates

Mortgage rates continue to rise, with the average 30-year fixed-rate reaching 7.28%, the highest since November 2023, driven by turmoil in the bond market and concerns over inflation. As rates increase, homebuyers face higher monthly costs, but options such as 15-year fixed mortgages, adjustable-rate mortgages, and loan assumptions from government-backed loans may offer lower or more flexible terms. Experts advise shopping around, considering rate buydowns, and exploring federal and lender programs to secure more favorable mortgage conditions amid ongoing market volatility.

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