A hike in mortgage rates to a 21-year high

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As per information made public by Freddie Mac on Thursday, mortgage rates have increased to their greatest point in twenty-one years.

According to the data, the 30-year fixed-rate mortgage reached 7.09% during the week that ended on Thursday, a considerable rise from 6.96% the week before.

The Federal Reserve has proposed a series of high-interest rate hikes to reduce inflation by weakening the economy and limiting demand.

As a result, interest rates on credit card debt, mortgages, and auto loans will all be greater for consumers.

The typical 30-year fixed mortgage was only at 4.45% when the Fed implemented its first increase in rates of the present series in March 2022, according to statistics from Mortgage News Daily.

According to the cost of the home, every one percentage point raised in a mortgage rate can result in an annual cost rise of thousands or tens of thousands of dollars, based on Rocket Mortgage.

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