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September 29, 2023

Mortgage rates hit 23-year high

LOS ANGELES (AP) — Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly less affordable housing market.

The average rate on the benchmark 30-year home loan rose to 7.31% from 7.19% last week, mortgage buyer Freddie Mac said Thursday.

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