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flag U.S. mortgage rates surpass 7%, impacting home sales and affordability due to credit rating downgrade.

flag Mortgage rates in the U.S. have climbed above 7% following Moody's downgrade of the country's credit rating. flag This surge, driven by concerns over high government debt, has led to a drop in home sales and lowered homebuilder sentiment. flag The housing market faces increased affordability challenges due to high home prices and rising rates, impacting potential buyers' ability to qualify for mortgages.

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