Mortgage Rates Reach 3-Year High

Mortgage rates have reached a three-year high, driven by inflation fears, global bond selloff, and concerns over government deficits, with the average 30-year fixed rate climbing to 7.40%. This increase has negatively impacted the housing market, leading to declining pending sales and price reductions, as high financing costs discourage buyers. Despite rising mortgage rates, inventory is increasing as sellers pull back, but homes are selling slightly faster, with credit scores influencing mortgage access and rates.

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