Mortgage rates pulled back this week, a well-needed pause for price-stricken homebuyers. The rate on the 30-year fixed mortgage retreated to 5.70% this week — down from 5.81% the week prior, according to Freddie Mac. Still, rates recently tracked up a whopping 72 basis points within a three-week period, remaining nearly two-and-a-half percent points higher than at the start of the year. The rapid surge in borrowing costs rattled first-time buyers who are seeing their affordability decline… Source link
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