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Mortgage Rates Soar, Homeownership Dreams Dwindle Amid Inflation

1/8/2025

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Summary

Story summary

The average long-term U.S. mortgage rate has surged to 6.93%, the highest since July, fueled by climbing bond yields. As home prices continue to rise, the dream of homeownership slips further away for many. Although home sales have seen a slight increase, the housing market is poised for its worst year since 1995, shadowed by inflation and economic uncertainty.

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Story summary

The average long-term U.S. mortgage rate has surged to 6.93%, the highest since July, fueled by climbing bond yields. As home prices continue to rise, the dream of homeownership slips further away for many. Although home sales have seen a slight increase, the housing market is poised for its worst year since 1995, shadowed by inflation and economic uncertainty.