The rise in US mortgage rates has been a cause for concern for many homeowners. In addition to the 30-year fixed-rate mortgage hitting a 21-year high of 7.09%, other types of mortgages have also seen an increase.
This is largely due to the Federal Reserve’s rate-hiking campaign, which has made it more difficult for potential buyers to secure affordable mortgages.
As a result, home sales have declined, leaving many homeowners struggling to sell their properties.
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