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Mortgage Rates Drift in Sixth Week Above 7%

U.S. long-term mortgage rates have posted a sixth consecutive week over 7%, holding relatively steady as the Federal Reserve paused its tightening. So reports Dow Jones.

Freddie Mac 150x150According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.19% as of September 21, up from 7.18% the previous week and 6.29% a year earlier.

“Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect, which could have an impact on the already low housing supply," Sam Khater, Freddie Mac’s chief economist, said in a statement.

Read the full article from Dow Jones.

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