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Housing Market Slumps as Mortgage Rates Top 7%
The U.S. housing market is coming under renewed pressure‚ buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.
The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%‚ according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year....