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September 23, 2022

Mortgage rates climb to 6.29%

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2007, a result of the Federal Reserve's intensified effort to tamp down decades-high inflation and cool the economy.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29% from 6.02% last week. That's the highest its been since August of 2007, a year before the housing market crash triggered the Great Recession.


 
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