US mortgage rates last week rose to their highest levels since May 2020, driving up the costs associated with home buying at a time when home-sales prices are already near record highs.
The average rate for a 30-year fixed-rate loan was 3.22%, up from 3.11% the prior week, according to mortgage finance giant Freddie Mac. A year ago, mortgage rates stood at 2.65%.
Almost half (47%) of house hunters say they would feel more urgency to buy a home if mortgage rates rose above 3.5%, according to a report released last week from real estate brokerage Redfin.
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