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US mortgage rates fall after 9 weeks
Mortgage rates in the United States declined for the first time in nine weeks, registering at 7.32% compared to 7.4%. However, they remain high and exacerbate the housing affordability crisis, with the average 30-year loan staying near its highest level since November 2023 at 6.19%. The rise in interest rates has led to a 7.3% drop in existing home sales and prompted sellers to reduce property prices, giving buyers greater bargaining power. However, the increased borrowing costs mean that the monthly mortgage payment for a $500,000 property is now $355 higher than in February, reaching $710 for a $1 million home. This surge in interest rates is putting pressure on the housing market ahead of the midterm elections.
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