Mortgage Rates Rise to 7% for 30-Year Loans, Squeezing Homebuyers
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Mortgage rates rose today for 30-year fixed-rate loans, increasing to 7.00% from 6.875% on Friday. 15-year fixed rates also increased to 5.750%.
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Many factors influence daily mortgage rate fluctuations, including economic conditions, inflation, consumer spending, stock prices, and Federal Reserve policies.
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Comparing rates across multiple lenders can help ensure you get the best possible deal on a mortgage or refinance.
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Pre-approval and getting rate lock estimates can give you more confidence when searching for a home, allowing you to lock in a rate even as you continue house hunting.
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Refinancing remains an option to secure a lower rate, shorten your repayment term, reduce monthly payments, or tap equity for other goals like home improvements.