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Mortgage interest hits three-year high
The U.S. housing finance market has experienced a notable increase in interest rates, reaching their highest levels since late 2023. The average interest rate on a 30-year fixed mortgage loan has risen to 7.6%, up 15 basis points in one week, marking the highest level since November 2023. Additionally, interest rates increased by 70 basis points in September due to a wave of bond sell-offs, rising inflation concerns, and higher oil prices. This has led to a decline in mortgage demand and a reduction in buyers' purchasing power. Economic forecasts suggest that interest rates could reach 7.1% by the end of the year, adding pressure to the real estate market and restricting activity among borrowers and new buyers.
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