Higher mortgage rates, now averaging 7.17%, challenge American homebuyers' affordability.

American homebuyers are facing higher mortgage rates, with the average 30-year fixed rate reaching 7.17%, up from 6.82% last year. This increase is attributed to the Federal Reserve's efforts to combat inflation. Experts warn that these rising rates could significantly impact affordability, with potential homebuyers facing increased monthly payments.

November 21, 2024
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