Mortgage Rates Hit 22-Year High, Dampening Housing Market
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The average 30-year mortgage rate hit 7.49% last week, the highest since December 2000, per Freddie Mac.
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High rates are making mortgage payments unaffordable for many buyers.
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Sellers are reluctant to give up their low fixed rates and sell.
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Investor concerns about further Fed rate hikes are driving up 10-year Treasury yields, influencing mortgage rates.
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Mortgage rates were last this high when AOL sent free dial-up Internet access CD-ROMs in the mail.
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