Mortgage rates surpass 7% for first time since January 2025

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AI Fusion Summary

Mortgage rates have exceeded 7% for the first time since January 2025, reaching levels not seen since January 16, 2025, when rates hit 7.04%. This surge erodes homebuyer purchasing power and slows sales, creating a paradox of high prices despite reduced demand and inventory. The increase represents a significant blow to homebuyers, as the average rate climbs to its highest point in months, impacting the overall accessibility and dynamics of the housing market.
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