Mortgage Rates Break the 7% Barrier: A Detailed Analysis
The average 30-year fixed mortgage rate has surged past the 7% mark for the first time this year, as reported by Freddie Mac, indicating a continuing upward trend with this being its third consecutive week of increases. Despite this rise, economists anticipate a potential decline in rates, with projections from Fannie Mae and the Mortgage Bankers Association estimating the average 30-year rate to settle around 6.4% by the end of 2024.
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