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Mortgage Rates Rise to 3.1% Amid Uptick in Inflation

After a one-week decline, U.S. long-term mortgage rates have continued their recent march upward from historic lows. So reports MarketWatch.

arrow 156792 640smallAccording to Freddie Mac, the 30-day fixed rate mortgage averaged 3.1% for the week ending November 18, an increase of 12 basis points.

Freddie Mac chief economist Sam Khater said in a statement, “The combination of rising inflation and consumer spending is driving mortgage rates higher.”

Read the full article from MarketWatch.

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