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What Mortgage Rates Soaring Past 7% Means for Buyers, Sellers and the Housing Market

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What seemed unthinkable just a few months ago has come to pass — Freddie Mac’s benchmark mortgage rate has surpassed 7%.

The average rate on a 30-year fixed-rate loan came in at 7.08% this week, according to Freddie Mac’s weekly lender survey. That’s the highest average rate since 2002.

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