Washington CNN —
Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges.
The average rate on a standard, 30-year fixed mortgage was 7.04% in the week ending January 16, according to a survey of lenders released Thursday by Freddie Mac. It’s the fifth consecutive weekly increase and the highest level since May.
Mortgage rates this week were nearly a full percentage point higher than in late September, when the Federal Reserve began to cut interest rates. The yield on the 10-year US Treasury
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