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Federal Reserve rate hike sparks home price reductions, experts say

The real estate market is shifting after the Fed's rate hike pushed 30-year mortgage rates to 7.14%. Experts say sellers may need to cut home prices to close deals.

Sources (1)· Sep 17, 5:22 PM

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US mortgage rates brush 7%, weighing on buyers, sellers and further straining a bleak housing marketMortgage rates climbed for the fourth week in a row, driving the average long-term U.S. home loan rate to just below 7%, its highest level in over 19 months. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.95% from 6.76% last week. One year ago, the average rate was 6.26%. The average rate on 15-year…
Struggling US homebuyers, and market, face new hurdles as mortgage rates climb to nearly 7%Mortgage rates climbed for the fourth week in a row, driving the average long-term U.S. home loan rate to just below 7%, its highest level in over 19 months. Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.95% from 6.76% last week. One year ago, the average rate was 6.26%. The average rate on 15-year…