Mortgage rates are over 7%. What it means for would-be homebuyers
Average mortgage rates have climbed above 7% for the first time since January 2025. This increase results in significantly higher monthly payments for prospective homebuyers compared to earlier this year.
The average mortgage rate is above 7% for the first time since January 2025. Compared with earlier this year, that interest rate means would-be homebuyers would pay hundreds more each month.
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