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Mortgage rates top 7% for the first time since May 2024

As rates climb, more buyers are seeking riskier adjustable-rate mortgages, according to the Mortgage Bankers Association.

  • Mortgage rates surpassed 7% for the first time since May 2024
  • 30-year fixed-rate mortgage peaked at 7.12% in the week ending September 18
  • Higher rates pressure borrowers amid near-record housing prices

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