Mortgage Rates Fast Approaching 5%

 In Agents, Buying a Home, Market Trends, Marketing, Real Estate 101, real estate news, Selling Your Home

Mortgage rates hit their highest level in more than seven years this week at nearly 5%, a level that could deter many home buyers and represents another setback for the slumping housing market.

The average rate for a 30-year fixed-rate mortgage rose to 4.9%—the largest weekly jump in about two years—according to data released Thursday by mortgage-finance giant Freddie Mac.

Lenders and real-estate agents say that, even now, all but the most qualified buyers making large down payments face borrowing rates of 5%.

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